Investigator Who Exposed Madoff Fraud Reports Novel Boston Transit Say-So Fraud
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Title : Investigator Who Exposed Madoff Fraud Reports Novel Boston Transit Say-So Fraud
link : Investigator Who Exposed Madoff Fraud Reports Novel Boston Transit Say-So Fraud
Harry Markopolos, the investigator who exposed the Bernie Madoff Ponzi scheme, has uncovered a novel fraud. The unfunded condition of the pension fund of the Boston Transit Authority (the “MBTA”) is $500 1 one 1000 thousand bigger than previously thought, according to Markopolos. This volition convey a important affect on the municipal bond market, peculiarly if it turns out that the MBTA’s problems are endemic alongside like pension funds, writes Robert Huebscher.
Markopolos said the $500 gap is due to bad investments, fraudulent accounting too unrealistic actuarial assumptions.
According to Huebscher, Markopolos spoke on
June ix at the Northfield Information Service’s 22nd annual summertime seminar, held inwards Newport, RI.
At the seminar, Markopolos called what is left of the MBTA’s pension a “Tender Vittles retirement plan,” pregnant (sarcastically) that its participants would endure eating truthful cat food.
The troubles at the MBTA began inwards 2012, when it was revealed that it had lost $25 1 one 1000 thousand inwards an investment inwards Fletcher Asset Management, a hedge fund run yesteryear Alphonse “Buddy” Fletcher. The MBTA had been hiding this loss until it was exposed yesteryear an investigative reporter from The Boston Globe.
Fletcher had promised guaranteed returns of 12%, like to Madoff’s sales pitch. It was nix to a greater extent than than a Ponzi scheme. In add-on to the MBTA, 3 Louisiana pension funds lost $100 1 one 1000 thousand inwards the scheme.
What made the Fletcher loss too thence galling, according to Markopolos, was that its principal investment officer, Karl White, had been the executive manager of the MBTA pension fund. One twelvemonth after leaving the MBTA, he convinced it to fund Fletcher.
“There are a lot of Ponzis,” Markopolos said, “and they are stealing customers from legitimate managers.”
Fletcher used the coin it raised to invest inwards a movie, Violet too Daisy, which his blood brother was making too inwards a “penny stock” called ANTS, on which it booked a 1,000% provide over a 16-day period. At 1 point, Fletcher reported 127 months of positive returns without a downwardly month; it afterwards revised this to present xiv downwardly months.
The Fletcher irregularities went unnoticed yesteryear the MBTA’s board, which Markopolos said consisted of to a greater extent than oftentimes than non non-college graduates – matrimony members who worked on or operated the city’s busses too subways. The board had 1 somebody with an MBA too a yoke of lawyers, who Markopolos said were non experts inwards investing.
The MBTA is “one send marketplace away from disaster,” Markopolos said.
The MBTA's accountant, KPMG, should convey constitute the discrepancies. But Markopolos said its auditors are typically “22-year olds who select handgrip of to a greater extent than colds than frauds."
-RW
(Source: Advisor Perspective)
You are now reading the article Investigator Who Exposed Madoff Fraud Reports Novel Boston Transit Say-So Fraud with the link address https://inspirationsbymeforyou.blogspot.com/2020/07/investigator-who-exposed-madoff-fraud.html
Title : Investigator Who Exposed Madoff Fraud Reports Novel Boston Transit Say-So Fraud
link : Investigator Who Exposed Madoff Fraud Reports Novel Boston Transit Say-So Fraud
Investigator Who Exposed Madoff Fraud Reports Novel Boston Transit Say-So Fraud
Harry Markopolos, the investigator who exposed the Bernie Madoff Ponzi scheme, has uncovered a novel fraud. The unfunded condition of the pension fund of the Boston Transit Authority (the “MBTA”) is $500 1 one 1000 thousand bigger than previously thought, according to Markopolos. This volition convey a important affect on the municipal bond market, peculiarly if it turns out that the MBTA’s problems are endemic alongside like pension funds, writes Robert Huebscher.
Markopolos said the $500 gap is due to bad investments, fraudulent accounting too unrealistic actuarial assumptions.
According to Huebscher, Markopolos spoke on
June ix at the Northfield Information Service’s 22nd annual summertime seminar, held inwards Newport, RI.
At the seminar, Markopolos called what is left of the MBTA’s pension a “Tender Vittles retirement plan,” pregnant (sarcastically) that its participants would endure eating truthful cat food.
The troubles at the MBTA began inwards 2012, when it was revealed that it had lost $25 1 one 1000 thousand inwards an investment inwards Fletcher Asset Management, a hedge fund run yesteryear Alphonse “Buddy” Fletcher. The MBTA had been hiding this loss until it was exposed yesteryear an investigative reporter from The Boston Globe.
Fletcher had promised guaranteed returns of 12%, like to Madoff’s sales pitch. It was nix to a greater extent than than a Ponzi scheme. In add-on to the MBTA, 3 Louisiana pension funds lost $100 1 one 1000 thousand inwards the scheme.
What made the Fletcher loss too thence galling, according to Markopolos, was that its principal investment officer, Karl White, had been the executive manager of the MBTA pension fund. One twelvemonth after leaving the MBTA, he convinced it to fund Fletcher.
“There are a lot of Ponzis,” Markopolos said, “and they are stealing customers from legitimate managers.”
Fletcher used the coin it raised to invest inwards a movie, Violet too Daisy, which his blood brother was making too inwards a “penny stock” called ANTS, on which it booked a 1,000% provide over a 16-day period. At 1 point, Fletcher reported 127 months of positive returns without a downwardly month; it afterwards revised this to present xiv downwardly months.
The Fletcher irregularities went unnoticed yesteryear the MBTA’s board, which Markopolos said consisted of to a greater extent than oftentimes than non non-college graduates – matrimony members who worked on or operated the city’s busses too subways. The board had 1 somebody with an MBA too a yoke of lawyers, who Markopolos said were non experts inwards investing.
The MBTA is “one send marketplace away from disaster,” Markopolos said.
The MBTA's accountant, KPMG, should convey constitute the discrepancies. But Markopolos said its auditors are typically “22-year olds who select handgrip of to a greater extent than colds than frauds."
-RW
(Source: Advisor Perspective)
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You are now reading the article Investigator Who Exposed Madoff Fraud Reports Novel Boston Transit Say-So Fraud with the link address https://inspirationsbymeforyou.blogspot.com/2020/07/investigator-who-exposed-madoff-fraud.html