Since the bitcoin ledger itself is public record anybody could analyze the addresses associated with the fund and see the inflows and outflows[1]. Even if new addresses are generated for each transaction at some point the fund manager would need to roll them up and combine them. It would be possible to see the ponzi flows in the ledger itself.

Given this, is anyone algorithmically analyzing the ledger for anomalies like Ponzi schemes? That could be an interesting project.