Paul Greenwood, Fund Manager, Pleads Guilty to Fraud
July 28, 2010
Total Loss:
$900 Million
Hedge fund manager Paul Greenwood, the general partner of WG Trading Co., plead guilty to six charges including conspiracy and securities fraud and is cooperating with the U.S. against his codefendant, Steven Walsh.
Greenwood and Walsh, his fellow manager of WG Trading and WG Investors, were indicted last July on charges that they conspired to defraud investors of $554 million. The U.S. said the pair schemed to defraud investors from 1996 until their arrest in February 2009. Greenwood said he and Walsh took out funds for their own personal use, which a federal prosecutor said cost investors between $800 million and $900 million.
Source:
Businessweek.com; By Patricia Hurtado
Posted in:
Collusive Networks