The hedge fund of Alphonse Fletcher Jr. has been described described by a court-appointed bankruptcy trustee as having elements of a Ponzi scheme, and four retirement systems are fighting to recover their money, the New York Times DealBook blog reported yesterday. A federal judge is scheduled to rule in March on a plan to liquidate the fund’s assets, which the trustee deemed “virtually worthless” in a report last November. The pension funds, which handle the retirement benefits for thousands of public employees in Louisiana, can only hope to get their money back through various civil lawsuits, the most recent of which was filed in the middle of January.
