![]() The letter said that Fletcher has "fully cooperated" so far, but fired this warning shot: "If information is discovered that relates to FIA's solvency or if Fletcher's cooperation becomes less than forthcoming, then the retirement systems are poised ti act quickly and decisively."Īnother red flag for the pension funds include Fletcher's admission that an audit from 2009 was delayed because the fund needs to "finalize the valuation of one of the fund's investments," according to the WSJ. It gives rise to questions regarding the liquidity of the FIA fund and the accuracy of financial statements." Bio: Alphonse pursues an uncommon investment strategy combining. In a joint statement (embedded below), the pension funds said they've assembled accountants, consultants and will perhaps recruit a forensic economist, because "the distribution of a promissory note in lieu of immediate cash has raised concerns with each of the systems' respective boards. Title and Organization: Former Chief Executive Officer, Fletcher Asset Management, Inc. So meanwhile, the three separate Louisiana pension funds, which all invested $100 million with Fletcher, and which were issued the promissory notes, are conducting their own investigation of the firm.
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