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Offshore hedge fund liquidators accuse NY-based Fletcher Asset Management of impeding investigation into 'suspicious' activity

June 13, 2012 by David Marchant

HIGHLIGHTS

  • Fletcher Asset Management has provided "little or no co-operation" to liquidators of Cayman-domiciled FIA Leveraged Fund
  • Insiders accused of improperly stripping out tens of millions of dollars in fees and cash redemptions at 'overstated' NAVs
  • Over $50 m in redemptions allegedly paid out to 'related party' Richcourt Group, of the BVI
  • Citco Group apparently served as fund administrator while part-owning firm that received allegedly illegal cash redemptions
  • Fund Group's 'ultimate master fund' was Bermuda-domiciled Fletcher International, Ltd., whose directors include Appleby law firm partner James Keyes

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A hedge fund group operated by New York-based Fletcher Asset Management that claims to manage $550 million in Bermuda, Bahamas, Cayman Islands and Delaware has been accused of impeding an investigation into its affairs by offshore liquidators, who have also raised concerns about allegedly related entities in the British Virgin Islands and the Channel Islands.

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