Bloomberg – The deal started with a treasure map, supposedly bought from a drifter at a saloon in Key West for $500. What could possibly go wrong?
For Dean Barr, who ran Citigroup’s hedge fund unit until 2007, investing in the X-marks-the-spot Emerald Reef venture has cost him more than $1 million, he said at a trial this week in the Florida island’s federal courthouse. “I lost a significant amount of money,” Barr testified, according to the Key West Citizen, a newspaper. “I want to get to the bottom of why and who is responsible.”