A hedge fund company called Fletcher International Ltd. is suing to stop three Louisiana pension funds from dismantling it during bankruptcy, selling off its questionable assets. If you are not an investor, you see it coming a mile away. Investors had read glowing articles about this hedge wunderkind earning 300% returns and they were hooked.
Okay, it’s your decision to invest–at what point would you say, “Are you kidding me?!”:
- A “hot” hedge CEO named Alphonse “Buddy” Fletcher Jr. (done yet?), has a deal for you in the Cayman Islands, and do their paperwork in Bermuda.
- Buddy left his job at financial powers Kidder, Peabody complaining loudly to their silence–not an industry bashful about paying huge bonuses. (Boston magazine has been told Kidder cannot tell what the heck he’d done.)
- Buddy buys four trophy apartments at NYC’s celebrity residence, the Dakota. He tools around Manhattan in “variously a Porsche, a Mercedes, a Jaguar and a Bentley” according to Boston reporter Richard Bradley. Also, he had a prestigious office with a private chef; “bought a ‘castle’ on 1,100 acres in Conn. and . . . a staff of over 20,” according to On Being a Black Lawyer.
- He wants you to put your money in shares of funds which own shares of other Fletcher funds which own other assets, all hidden with classic Cayman and Bermuda expertise.
Seriously, do you need to see financial statements after #1 above? Apparently those with hundreds of millions to invest don’t see the same movies we do.They are shocked nobody can find the money and these so-called investments are being called, ahem, “illiquid.”
This is near the first you are reading of this up-and-coming fraud star. We should right the word “alleged” here somewhere–but omitting it sounds like a safer bet than Fletcher International Ltd.
We cannot even tell you what kind of earnings the chief executive Fletcher had, since most of the money is points unknown; stay tuned. You are about to read a lot of wild stories about Alphonse “Buddy” Fletcher Jr.. From our first look, these stories are going to be a riot.