Wednesday, 28 September 2016
Last updated 10 hours ago
Apr 28 2014 | 12:58pm ET
Former hedge fund manager Stephen Walsh has pleaded guilty to fraud charges more than five years after he was first arrested and charged.
Walsh, who led WG Trading and Westridge Capital Management with Paul Greenwood, admitted to ripping off investors of $554 million over the course of 13 years. His plea comes nearly four years after Greenwood pleaded guilty to the charges.
Greenwood was to testify against Walsh at his trial, which had been scheduled to begin in July. The men allegedly skimmed hundreds of millions of dollars from investors.
Walsh faces up to 20 years in prison when he is sentenced in July, and will forfeit $50.7 million.
Walsh and Greenwood, in addition to running their hedge funds, were also minority owners and executives with the New York Islanders hockey team.