Five active and retired Correction Officers have sued the Correction Officers Benevolent Association, charging that former President Norman Seabrook, the executive board and others caused union money to be invested in a “Ponzi scheme.” The investments are now “virtually worthless,” the suit contended.
The hedge fund in which the money was invested, the Platinum Partners Value Arbitrage Fund, said in July that it would liquidate and in October declared bankruptcy.
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