{"id":41391,"date":"2014-04-11T06:42:52","date_gmt":"2014-04-11T10:42:52","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=41391"},"modified":"2014-04-11T08:40:20","modified_gmt":"2014-04-11T12:40:20","slug":"massachusets-retirement-board-acuses-fletcher-hedge-funds-of-50-million-fraud","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2014\/massachusets-retirement-board-acuses-fletcher-hedge-funds-of-50-million-fraud.html","title":{"rendered":"Massachusets Retirement Board Accuses Fletcher Hedge Funds Of $50 Million Fraud"},"content":{"rendered":"

\"IMG_20110401_171620\"<\/a>New York (HedgeCo.Net) – The Massachusetts Bay Transportation Authority (MBTA) Retirement Fund is suing\u00a0New York hedge fund manager Alphonse Fletcher Jr., the Boston Globe reports.<\/p>\n

MBTA lost\u00a0$25 million when\u00a0Fletcher International Ltd, the master fund for the Fletcher group of hedge funds filed for Chapter 11 bankruptcy protection.<\/p>\n

“The lawsuit, filed Monday in New York, accuses Fletcher and his firm,\u00a0Fletcher Asset Management\u00a0, and other parties of conducting a \u201clong-running fraud\u201d in which they misused money for their own benefit, inappropriately took inflated management fees, and overstated the value of assets.” The Boston Globe said<\/a>. “The plaintiffs \u2014 which include the $1.6 billion MBTA fund, the Fletcher Fixed Income Alpha Fund, and three other Fletcher entities \u2014 are seeking $50 million, according to the complaint, as well as management and attorney\u2019s fees and interest.”<\/p>\n

According to an internal report, MBTA management is working closely with the Trustee in a collaborative effort to recover damages from both Fletcher and the potentially responsible third parties who enabled him.\u00a0The MBTA\u2019s investment portfolio achieved a 16.19% gross investment return in 2013, representing more than a $200 million investment gain.<\/p>\n

Alex Akesson
\nEditor for\u00a0HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a>\u00a0is a premier\u00a0hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.Net) – The Massachusetts Bay Transportation Authority (MBTA) Retirement Fund is suing\u00a0New York hedge fund manager Alphonse Fletcher Jr., the Boston Globe reports. MBTA lost\u00a0$25 million when\u00a0Fletcher International Ltd, the master fund for the Fletcher group of hedge […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-41391","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/41391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=41391"}],"version-history":[{"count":5,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/41391\/revisions"}],"predecessor-version":[{"id":41399,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/41391\/revisions\/41399"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=41391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=41391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=41391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}