Hedge Fund Platinum Partners’ Levy Avoids Prison Over Fraud (1)

Former Platinum Partners Co-Chief Investment Officer David Levy was spared prison after a long fraud prosecution remarkable for the judge’s skepticism of the case — and of two jury verdicts.

In the latest twist in a roller-coaster case filed in 2016, US District Judge Brian Cogan on Wednesday sentenced Levy, 39, to the time he already served after his arrest, calling him a “broken man.”

“I think he’s going to continue on the straight and narrow as he struggles under this felony conviction,” Cogan said.

David Levy leaves federal court in Brooklyn, New York, in January 2017.

Photographer: Michael Nagle/Bloomberg

A federal jury in Brooklyn, New York, convicted Levy of securities fraud and conspiracy ...