Friday, 27 November 2015
Last updated 1 day ago
Apr 1 2014 | 12:13pm ET
The pension fund for employees of the Boston area’s mass transit system has sued the manager of a bankrupt hedge fund it invested with.
The Massachusetts Bay Transportation Authority Retirement Fund alleges that Fletcher Asset Management and founder Alphonse Fletcher defrauded it of more than $50 million. The pension, which said it lost $25 million with Fletcher, accused the New York-based firm of inflating asset values and management fees, among other misdeeds.
With the lawsuit, the MBTARF joins three Louisiana pensions in seeking recompense from Fletcher in court. The court-appointed trustee overseeing one of the firm’s hedge funds has said that Fletcher resembles a Ponzi scheme.
The MBTA pension had already sued Fletcher’s auditors and its valuation firm.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…