You Won't Read This In The Greenwich Time, The Greenwich Citizen Or The Greenwich Post ......Here Is A Picture Of Greenwich Fraudster Paul "I am Not Cooperating With No Stinking Audit" Greenwood Who Is Now Under Arrest
2 arrests in NY securities fraud case
Newsday, NY
NEW YORK - The FBI says the operators of a Connecticut-based firm company have been arrested in New York on securities fraud charges.
Paul Greenwood and Stephen Walsh, principals of WG Trading Company LP, were awaiting a federal court appearance in Manhattan on Wednesday.
Earlier this month, a regulatory agency for the U.S. futures industry suspended Greenwood and Walsh, accusing them of refusing to answer questions about the transfer of $350 million to another fund.
WAIT THERES MORE:
THE FBI IS BUSTING FRAUDSTERS RIGHT AND LEFT......
Four People Arrested in Three Separate Fraud Cases, FBI Says
Bloomberg
The FBI arrested four people in three separate securities fraud cases.
James Nicholson of Westgate Capital Management was taken into custody this morning by FBI agents, said Jim Margolin, a spokesman for the FBI’s New York office.
Paul Greenwood and Stephen Walsh of W.G. Trading were arrested on what authorities believe is a $550 million fraud scheme.
Mark Bloom, who used to work for Greenwood and Walsh and now heads his own firm, was arrested on a separate fraud scheme.
This News Story Is On The International News Wire But It Is Not On Hearst Newspaper's Greenwich Time Web Site.....
US money managers accused of fraud
Reuters India
Two money managers at a Connecticut-based company were charged with criminal fraud for allegedly misappropriating investor funds and making false representations, according to court papers made public on Wednesday.
Paul Greenwood and Stephen Walsh, managing general partners of WG Trading Company with main offices in Greenwich, Connecticut, were charged with conspiracy, securities fraud and wire fraud.
The alleged scheme began in 1996 and ran through this month, according to the criminal complaint filed in U.S. District Court in Manhattan....
You Wont Read This Greenwich News Story In The Free Throw Away Papers Like The Greenwich Citizen And The Greenwich Post, But You Can Read About This Greenwich News Story In The Free Throw Away Newspapers On The New York Subway......
2 arrests in NY securities fraud case
amNewYork
AP News Now
NEW YORK (AP) _ The FBI says the operators of a Connecticut-based company have been arrested in New York on securities fraud charges. Paul Greenwood and Stephen Walsh, principals of WG Trading Company LP, were awaiting a federal court appearance in Manhattan on Wednesday.
DO YOU KNOW WHY GREENWICH RESIDENTS MISS JIM "THE VOICE OF GREENWICH" THOMPSON AND DEMA JOSEPH ?
BECAUSE.....
You Wont Here About This Greenwich News Story From Tony Savino At WGCH, But You Can Watch It On New York TV Stations.
WATCH THE VIDEO: Money Manager Accused of Squandering Universities' Cash
WNBC-TV New York
By JONATHAN DIENST
Two Greenwich, Conn., fund managers are accused of defrauding universities and public employee pension funds out of over $400 million in investments, according to the FBI
Paul Greenwood and Stephen Walsh, who ran WG Trading Co., have ripped off universities and pension funds, investigators said.
Greenwood, Walsh and their firm have been the focus of mounting questions as the result of a federal lawsuit filed by Carnegie Mellon and the University of Pittsburgh.
The two Universities are trying to track more then $100 million in investments now feared missing. Iowa's public employees pension fund is now trying to learn about its $300 million investment with the firm.
The National Futures Association has suspended Greenwood and partner Walsh after unsuccessful attempts to interview the men about their company.
This regulatory organization accuses greenwood and Walsh of failing to cooperate with investigators, materially hindering their investigation and refusing to disclose what happened to the allegedly missing millions. A woman who answered a cal to Greenwood’s home refused to comment. Attorney’s for both men did not return calls.
Greenwood, of North Salem, is a pillar of his Westchester community. He is the town supervisor, the treasurer of the local Episcopal Church and the owner of a nearby farm that raises ponies. His sprawling home is situated on rolling hills behind stonewalls.
He and his firm, WG Trading Co. LP of Greenwich, Connecticut, and his partners are also the focus of mounting questions in a federal lawsuit filed by Carnegie Mellon and the
Area residents said they were shocked by the allegations.
"People that have the trappings of all those otherwise virtuous things are not always virtuous," said Lewis Barnes of Lewiboro.
COMMENT:
It's unclear how many other investors had money with the firm.
Carnegie Mellon said $45 million is unaccounted for. The University of Pittsburgh said it can’t find out what happened to the $65 million it invested.
If You Want To Know What's Going On In Greenwich
You Have To Read The Out Of Town Newspapers:
Pensions & Investments, IL
The WCM funds lent $324 million to a commodity pool managed by WG Trading Investors. On Feb. 12, the NFA took an emergency enforcement action against Paul ...
Chicago Tribune
DesMoinesRegister.com
Global Pensions
MORE NEWS FROM:
Or How About:
BUT THERE IS MORE:
NORTH SALEM - The Town Board went about its business without Supervisor Paul Greenwood last night as Greenwood continued to grapple with questions about his handling of the money in his trading and investment funds and his compliance with the requirements of regulatory bodies.
Councilman Warren Lucas ran the board's regular meeting, which addressed issues of an expanding nursing home, new septic regulations and parking permits. No explanation was given for Greenwood's absence.
North Salem officials reiterated that the Greenwood's problems will not keep the board from doing what it needs to do.
"It's not going to affect that at all," said Lucas, the longest-serving member of the board and the only other Republican besides Greenwood.
But it's not clear whether Greenwood's business concerns will take him away from town business or affect his plans to run for a second term. His first two years are up at the end of the year.
Maria Hlushko, the new chairwoman of the Republican Town Committee, said she spoke to Greenwood in late January about his time in office and he expressed a desire to run again. The committee will be lining up candidates over the next several months for the fall elections.
"Our committee will meet with anybody interested in running for office," she said.
After the National Futures Association, which regulates futures markets, attempted to audit Greenwood's firms this month, Greenwood and his business partner, Stephen Walsh, were indefinitely suspended from the association.
The suspension bars them from trading and managing funds in their partnership. The audit led to a suit by Carnegie Mellon University and the University of Pittsburgh, which have more than $110 million invested in funds Greenwood operates.
The National Futures Association accused Greenwood and Walsh of refusing to cooperate with the audit of their firms, WG Trading Company and WG Trading Investors of Greenwich, Conn. The part of the audit the association did complete found that hundreds of millions of dollars of the funds' assets consisted of promissory notes from Greenwood and Walsh. According to the association, the partners refused to answer questions about their ability to repay the promissory notes. In their lawsuit, the colleges said Greenwood and Walsh misrepresented the size and nature of the assets the investment group controlled, thereby defrauding the investors.
Nothing in the lawsuit or enforcement action involved the town.
Cynthia Curtis, a former Town Board member who was appointed chairwoman of the Planning Board under Greenwood, attended last night's meeting but declined to say anything about Greenwood's situation.
Councilman Christopher Brockmeyer said right now they're just waiting to see what happens. "There's really nothing more that has developed, as far as I know," he said.
PLEASE SEE:
Do We Have A Mini-Bernie Madoff Ponzie Scheme
Right Here In Greenwich?
THE HEADLINES:
YOU THOUGHT FAIRFIELD GREENWICH GROUP WAS BAD:
What About WG Trading?
Paul Greenwood And Stephen Walsh Make Greenwich Resident Walter "Feeder Fund" Noel Look Like A Boy Scout
University of Pittsburgh and Carnegie Mellon University files Federal lawsuit against Greenwich Traders Paul Greenwood and Stephen Walsh
Pitt and CMU have also notified the Securities and Exchange Commission and the Commodities Futures Trading Commission About Greenwood And Walsh
THE QUOTE:
"We don't want to talk with you. Why would we want to talk to a reporter," said a woman at Paul Greenwood's Westchester, N.Y., home who identified herself as his wife.
THE STORY:
Pittsburgh Post-Gazette
PLEASE ALSO SEE:
.....The MRA suspends Greenwood and Walsh from NFA membership indefinitely. The MRA also prohibits Greenwood and Walsh or anyone acting on their behalf from soliciting or accepting any customer or pool participant funds and they are prohibited from placing trades for any pools that they operate or control except to liquidate existing positions. Additionally, the MRA prohibits them from disbursing or transferring any funds from any accounts which either of them own, control or which are held in either of their names without prior approval from NFA......
COULD SOMEONE PLEASE GO WAKE UP GREENWICH TIME MANAGING EDITOR BRUCE HUNTER WHO IS ONCE AGAIN A SLEEP AT THE SWITCH
WHERE IS EX-GREENWICH TIME MANAGING EDITOR AND NOW HEARST NEWSPAPER REGIONAL REPORTER JIM ZEBORA?
IS OUT OUT SAMPLING BEERS INSTEAD OF COVERING BREAKING NATIONAL BUSINESS NEWS STORIES THAT HAVE GREENWICH AT GROUND ZERO
PLEASE SEE:
Worried Town Residents Are Saying If Ex-Greenwich Time Editor Jim Zebora Isn't Carefull He Could End Up In The GPD Drunk Tank !!!!!
UPDATE:
7:15 PM
GREENWICH BLOGGERS
CLAUDETTE ROTHMAN (GREENWICH DIVA)
AND CHRIS FOUNTAIN (FOR WHAT ITS WORTH)
ARE COVERING THE LATEST GREENWICH SCAMMERS
AS GREENWICH TIME MANAGING EDITOR
BRUCE HUNTER IS TOTALLY CLUELESS
NEW YORK - The owners of an investment firm that managed hundreds of millions of dollars for universities and charities were arrested Wednesday by the FBI in the latest white-collar scandal to rock Wall Street.
Paul Greenwood, also a horse breeder and elected official in suburban New York, and Stephen Walsh were awaiting an appearance in federal court in Manhattan to face securities and wire fraud charges alleging they raided funds to buy horses and cover other personal expenses. The names of their attorneys were not immediately available.
Court papers identified Greenwood and Walsh as the owners of Greenwich, Conn.-based WG Trading Company LP and of Westridge Capital Management Inc., based in Santa Barbara, Calif. Their operation also had offices in Manhattan and Jersey City, N.J.
The firms’ clients included “charitable and university foundations, retirement and pension plans and other institutions,” a criminal complaint said.
The complaint alleges that since the summer of 2007, $1.3 billion in illegal wire transfers were made to bank accounts held by Greenwood and Walsh’s wife.
It also cites an interview with an unidentified WG Trading employee who described being instructed to transfer funds to personal bank accounts.
The employee claimed the money was used for “the purchase of expensive collectible items by Greenwood, the purchase of horses by Greenwood, transfer of cash to Walsh’s then-wife and … the purchase of an apartment for Walsh’s ex-wife pursuant to a divorce settlement.”
.....Greenwood was elected last year as a supervisor in North Salem, N.Y., where press accounts say he raises horses on a 300-acre farm. He once owned Old Salem Farm, a 54-acre riding school and horse farm bought from Paul Newman and Joanne Woodward.....
================================================================
Please send your comments to GreenwichRoundup@gmail.com or click on the comments link at the end of this post.
No comments:
Post a Comment