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Trustee report: http://online.wsj.com/public/resources/documents/1127fletchertrustee.pdf http://online.wsj.com/public/resources/documents/1127fletche... Token
by _s 11y ago
Trustee report: http://online.wsj.com/public/resources/documents/1127fletchertrustee.pdf http://online.wsj.com/public/resources/documents/1127fletche...
Token paragraph at the end of page 13:
"Based on the Trustee’s investigation, the answer to the question of why FILB had no meaningful assets at the time of the bankruptcy filing is principally that the Funds were victims of a fraud defined by the extensive use of wildly inflated valuations, the existence of fictitious assets under management (“AUM”) numbers, the improper payment of excessive fees, the misuse of investor money, and efforts wrongly to deny the Louisiana Pension Funds a key benefit of their investment agreement – mandatory redemption of their investment under certain circumstances. The Funds were also victims of an environment where self-interest all too often trumped fiduciary obligations."
- obstinate 11y agoI don't see anything in here about a conviction, and also nothing about Pao being the alleged perpetrator, and thus remain in a state of appalled disgust at what you have written.
- 001sky 11y agoBut that just shows you don't understant the relevant word(s) and/or you haven't done any homework (like read even the cover page) on the trustee report.
- obstinate 11y agoWhy would I read that? A trustee report isn't nor can it be a conviction. And it also has nothing to do with Ellen Pao, the person we are discussing.
- 001sky 11y ago1) A nexus with a civil fraud case. 2) That is fundamental due dilligence for any fiduciary appointment. 3) A criminal conviction is un-neccessary to prove civil fraud in relation to (1,2). (Those are legitimate issues/topics of dicsussion).