JSOnline – The Wisconsin Funeral Trust invested at least $3.5 million into a risky hedge fund promoted by Citigroup, the company that served as its financial adviser, and – unlike investors nationwide – did not take legal action to recoup the loss, according to testimony in an ongoing unemployment insurance claim case.
The investment in Falcon Plus Strategies, a hedge fund that invested in high-risk mortgage-backed securities, is emerging as one of the issues in a dispute over whether Scott Peterson, the former director of the Wisconsin Funeral Directors Association, should continue receiving unemployment insurance payments of $363 a month.
