Birmingham Water Works Pension Loses Millions in Fraud Scheme
Andrew Yeager | March 16, 2017
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1674017315
1489657587
After all the criticism heaped on the Birmingham Water Works Board for shockingly high bills and questionable legal contracts, a new controversy emerged this week. The water works pension fund lost more than $4 million in what’s described as a “Ponzi-style” scheme. The scheme spans from New York financial types to an Indian tribe in South Dakota to the Cayman Islands. Alabama Media Group columnist John Archibald has the details.
