Monday, 1 September 2014
Last updated 2 days ago
Jul 30 2010 | 11:52am ET
Just one day after pleading guilty to defrauding investors in his hedge fund, WG Trading’s Paul Greenwood has settled Securities and Exchange Commission charges stemming from the same allegations.
Greenwood, who has agreed to testify against his former partner, Steven Walsh, was barred from future securities law violations and will pay disgorgement and penalties, which have yet to be set. At his plea hearing on Wednesday, Greenwood, who was a principal of hedge fund Westridge Capital Management, admitted to defrauding investors of $545 million in a scam that collected nearly $900 million.
As part of his criminal plea, Greenwood has already agreed to forfeit $331 million and pay an $83.5 million fine.
Greenwood and Walsh were top executives with the New York Islanders hockey team in the 1990s. Shortly after leaving the Islanders, the two men set up WG and began skimming hundreds of millions of dollars from investors for their own personal use, according to prosecutors. The scheme began as early as 1996, with the two using the money to buy, among other things, collectible teddy bears and an apartment for Walsh’s ex-wife, prosecutors said.
Greenwood, who also served as town supervisor of North Salem, N.Y., pleaded guilty to six counts of conspiracy and securities fraud.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...