Birmingham Water Works Pension Loses Millions in Fraud Scheme
Birmingham Water Works Board
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.
Alabama is full of big news stories. From the removal of the Confederate battle flag, to gay marriage, to Birmingham's increase in the minimum wage. It's a lot for journalists to keep up with and a lot of great materials for columnists like AL.com and The Birmingham News' John Archibald. He discusses the city, county and state politics in forums large and small.