Kiely

Two weeks after the 2008 presentation, Mr. Kiely called the 12% arrangement a "preferred return guarantee" in an email to a pension fund executive, records show.

Video Reveals Fletcher Fund's Claims Steve Eder 2011

Mr. Kiely, in his statement, said it was "well understood that the investment carried no guarantee and was never sold on that basis."

Video Reveals Fletcher Fund's Claims Steve Eder 2011

"When we make an investment, unlike a debt-holder or a real estate holder or a private equity investor, we can liquidate in a matter of weeks," said Denis Kiely , the Fletcher representative, in the video.

Video Reveals Fletcher Fund's Claims Steve Eder 2011

Through a Fletcher spokeswoman, Mr. Kiely declined to comment.

Video Reveals Fletcher Fund's Claims Steve Eder 2011

Early in the Louisiana meeting on the DVD, Mr. Kiely explained his role at the Fletcher firm, describing himself as Mr. Fletcher's "right hand man and deputy."

Video Reveals Fletcher Fund's Claims Steve Eder 2011

"You are talking to a guy who is in the middle of the action," said Mr. Kiely, according to the video.

Video Reveals Fletcher Fund's Claims Steve Eder 2011

Mr. Kiely said in a statement to the Journal earlier this year that his use of the term "guarantee" in the email was "colloquial" and not meant within "the legal definition."

Video Reveals Fletcher Fund's Claims Steve Eder 2011

"It is still a tough market environment, but we are encouraged by our recent premium-light trends and the continued strong momentum of our Tenth and Blake portfolio," Chief Executive Leo Kiely said.

Molson Coors, MillerCoors Post Higher Profits John Kell 2010

During the 2008 meeting, Mr. Kiely was asked if there was a "guarantee," and he answered, "yes," adding "12%."

Video Reveals Fletcher Fund's Claims Steve Eder 2011

The 2008 video shows Mr. Kiely referring to the Fletcher firm's offer of a minimum 12% return as a "guarantee," while also acknowledging risks.

Video Reveals Fletcher Fund's Claims Steve Eder 2011