Hedge Fund Fraudster's Teddy Bears Go Under The Block, Net $1.75M

Oct 14 2010 | 1:26am ET

Ponzi schemer Paul Greenwood has sold his collection of rare teddy bears and stuffed toys for US$1.75 million.

The collection netted £1.1 million at Christie's International in London, near the high end of the £800,000 to £1.2 million presale estimate. It took some 10 hours to sell off the 1,300 Steiff teddies.

Greenwood, who pleaded guilty in July to defrauding investors in his Westridge Capital Management hedge fund and WG Trading Co. of US$545 million, built up his collection over the last 15 years. He housed them in dramatic "collector display cabinetry" atop a spiral staircase in his home, and maintained a spreadsheet to keep track of all of them.

Greenwood pleaded guilty to six counts of conspiracy and securities fraud. According to prosecutors, he and alleged co-conspirator Stephen Walsh set up WG shortly after leaving the New York Islanders hockey team and began skimming hundreds of millions of dollars from investors for their own personal use. In addition to the teddy bear collection, the allegedly ill-gotten gains bought an apartment for Walsh's ex-wife, among other things.

Greenwood faces up to 85 years in prison.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR