I have just heard on the wire that Samuel Hoeffler, who is a TSP Fund Manager was Arrested for financial wizardry.
I am still trying to gather more details as this is a breaking news item and not much is available about him. After Madoff and Allen Stanford, all the financial wiseguys are coming to the forefront as their scams are tumbling down in these hard economic times.
Samuel Hoeffler Bio Wiki
I will update this section as soon as some information is available on the bio and wiki of Samuel Hoeffler.
Samuel Hoeffler Pictures
Right now I am searching through the net for available pics of Samuel Hoeffler. This section would be updated soon.
If you have more information on Samuel Hoeffler, give a shout out below for the benefit of others. Have you been affected by this guy? Anything insightful you know, do the honors.
I think this is a rumor. It would certainly be somewhere in the main stream media if it were true. Let me know if you find out anything concrete.
The United States government employee investment Thrift Savings Plan’s “I Fund” Manager, Samuel Hoeffler, was arrested Friday morning in his penthouse in the upper east side of New York City .
The United States government employee investment Thrift Savings Plan suffered a massive loss of confidence last week after allegations that its “I Fund” suffered from several accounting irrelegularities all the way back to 2007 that may result in drastic restatements in earnings for the venerable fund.
Prosecutors said The Federal Retirement Investment Board was cooperating with the investigation and were painting Samuel Hoeffler as a rouge manager who lost control of the fund sometime in late 2006 and had hoped for further market growth to cover the losses.
The question that The Federal Retirement Investment Board has to cope with now is the impact on inter-fund transfers. At the moment they have not frozen withdrawls from the fund. Previous transfers in to other funds are now in question, as the funds from which these transfers originated may not actually exist, harking to such ponzi schemes as the recent Madoff scandal.
The arrest was unexpected for Mr. Hoeffler, who as recently as January had spoken before a House sub-committee on Military Affairs regarding the future solvency of the TSP.
The Federal Retirement Investment Board is preparing a statement on what this means for millions of veterans and government employees who rely on the TSP for their retirement savings. They expect to release a website for the potential victims of this fraud by the end of the week. A White House spokesperson had no official comment at publishing.
This a hoax….the first clue would be the spelling of the word “rogue” as “rouge.” Go to tsp.gov and read their response to this irresponsible prankster.