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This is Naked news and I_m Carli Bei welcome everyone. We_re starting off with an alleged billion dollar fraud scheme in New York City Prosecutors are calling it one of the largest and most brazen investment frauds ever Eila Adams joins us now with the story. Carli federal prosecutors have arrested top executives from New York-based hedge fund Platinum Partners for running a scheme that swindled investors out of nearly one billion dollars Company founder Mark Nordlicht and six others have been charged with various crimes connected to the scheme which started in 2012. Platinum quickly grew a reputation for exceptionally high returns with its largest fund paying out 17 percent annually. It seemed too good to be true and it was Court papers accuse Platinum execs of lying to clients about the value of funds they were managing and paying out favored customers ahead of others. The documents also allege that when the hedge fund started going south in 2015 Nordlicht contemplated fleeing the country. Being charged with financial negligence never looks good on a resume but doubly so when you_re the head of the International Monetary Fund IMF Chief Christine Lagarde_s future with the global organization is in jeopardy after a Paris court found her guilty in a 5-year investigation over a payout she made as French finance minister back in 2008. The surprise guilty verdict COULD have cost her a year in jail and a 13-thousand dollar fine. Instead it_s largely symbolic. IMF execs will meet in the near future to discuss her future with the agency. And China_s toxic smog problem has gone from bad to worse. Red alerts have been issued in at least 23 cities across the country this week with the government calling for the shutdown of roads and factories as well as cancelling hundreds of flights. Almost a ninth of the country is covered by the thick smog. On Monday evening in Beijing the air quality levels were slightly improved but were still EIGHT TIMES higher than the World Health Organization_s recommended maximum. I_ll be back with another bulletin a little later now I_ll send you back to Carli Bei with MORE Naked News.
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