Ex-New York Islanders Owners Sentenced for Securities Fraud

Posted on December 12th, 2014 at 10:16 AM
Ex-New York Islanders Owners Sentenced for Securities Fraud

From the Desk of Jim Eccleston at Eccleston Law Offices:

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.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services. 

Related Attorneys: James J. Eccleston

Tags: Securities Fraud, WG Trading Co., Greenwood and Walsh, Eccleston Law, Financial Adviser

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