Birmingham Water Works Pension Loses Millions in Fraud Scheme

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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.

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John Archibald

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.

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