Ex-New York Islanders Owners Sentenced for Securities Fraud
Paul Greenwood and Stephen Walsh, former executives at WG Trading Co., were sentenced to 10 years in prison for participating in a fraud valued at roughly $554 million that lasted more than a decade.
From 1996 to 2009, Greenwood and Walsh bilked university foundations, charities and other investors out of $131 million through WG Trading. To hide the misappropriation and WG's lack of profitability, Walsh and Greenwood issued $554 million in promissory notes to investors.
The men used investor funds to help Walsh's children run businesses, cover payments to Walsh's ex-wife, and enable Greenwood to operate a horse farm and buy a stuffed teddy bear collection. Walsh and Greenwood also used $2.6 million of their money to buy a stake in the New York Islanders National Hockey League team in 1992.
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