The offer was eye-catching: an investment assured of returning 12% a year. It was pitched to three public pension boards in Louisiana, reports the Wall Street Journal.
Behind the offer stood Alphonse Fletcher Jr., a New York hedge-fund manager who made a splash on Wall Street in the 1990s, reporting 300%-a-year returns at his firm. Later, the flagship fund of his Fletcher Asset Management told of going 11 years without a single losing month.
Though the 12% proposition offered them in 2008 struck one Louisiana pension-board official as possibly too good to be true, the boards were assured they could bank on a set return ...
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