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Wallkill artist files suit against Manhattan investment fund

Times Herald-Record - A local artist and filmmaker put $4 million into a Manhattan hedge fund — a sophisticated, mostly unregulated investment — and is now at the center of a controversial bankruptcy case.

In 2008, Lili Schad of the hamlet of Wallkill, invested the money in Harbinger Capital Partners Fund. The year before, the fund had posted multi-billion dollar gains after CEO Philip Falcone bet on the collapse of the subprime mortgage market.

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