The following excerpt from an article by Jonathan D. Silver was published in the 02/26/09 Pittsburgh Post-Gazette.
Two East Coast investment managers sued for fraud by the University of Pittsburgh and Carnegie Mellon University misappropriated more than $500 million of investors’ money to hide losses and fund a lavish lifestyle that included purchases of $80,000 collectible teddy bears, horses and rare books…
As Pitt and Carnegie Mellon were busy trying to learn whether they will be able to recover any of their combined $114 million in investments through Westridge Capital Management, the FBI yesterday arrested the corporations managers.
Paul Greenwood, 61, of North Salem, N.Y. and Stephen Walsh, 64, of Sands Point, N.Y., were charged in Manhattan–by the same office prosecuting the Bernard L. Madoff fraud case–with securities fraud, wire fraud and conspiracy.
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