One thing jumped out at us in a cursory reading of the CFTC’s complaint against Stephen Walsh and Paul Greenwood – who, moments ago, were accused by the regulator of operating a “$1.3bn investment scam”.

This (emphasis ours):

40. During the relevant period, Greenwood and Walsh misappropriated approximately $553 million of approximately $1.3 billion in pool participants’ funds. In addition to using new pool participants’ funds to cover up prior losses, on information and belief, Greenwood and Walsh used over $160 million for personal expenses, including:

•rare books at auctions,

•horses,

•Steiff teddy bears for as much as $80,000 at various auctions, including but not limited to auctions conducted by Sotheby’s, and

•a residence for Walsh’s ex-wife, Janet Walsh, in the amount of at least $3 million.

Related links
Fallout continues in Westridge Capital Management case  – PatrickPretty.com

This entry was posted by Sam Jones on Wednesday, February 25th, 2009 at 19:36 and is filed under Capital markets, Commodities, People. Tagged with cftc, National Futures Association, Paul Greenwood, Stephen Walsh, Westridge Capital Management, WG Trading Investors, WGIA. Edit this entry.