At last night's FOP meeting attended by a handful of members a vote was taken to move forward on trying to figure out what happened to the Pledge Program.
As many of you already know the Pledge Program was nothing more than a very unsophisticated Ponzi scheme. And as will all Ponzi adventures those who got out first are winners while those who wait are losers with a CAPITAL "L"!
Winners who withdrew from the plan received around $10,000.00 but as the number of Officers "pledging" to the plan shrank so did the balance of the fund. Turnover at CMPD and younger members declining to participate also added to the pressure on a house of cards.
Finally when rumors of a "problem" began to circulate the domino effect took hold and that was all it took.
It is doubtful Charlotte City Council will step in to "prop up" the plan or that there was any criminal intent. Additionally Mecklenburg County and City of Charlotte budget processes for the next fiscal year are nearly complete. Given that council darlings like WaWa Mayfield and Action Braxton what to use CMPD funding cuts to fuel their own pay raises, you can bet its all but over for the pledge fund.
To Be Continued......