Money managers accused of $550 million fraud. Reuters reports: Two money managers who oversaw investments for Carnegie Mellon University and other institutions were arrested on Wednesday on charges of running an estimated $550 million, decade-long swindle, the latest in a wave of big financial fraud cases.
Paul Greenwood, 61, and Stephen Walsh, 64, managing general partners of broker-dealer WG Trading Co with main offices in Greenwich, Connecticut, were charged by U.S. prosecutors with conspiracy, securities fraud and wire fraud.
The pair, both former part-owners of the New York Islanders National Hockey League team, are accused of using client money as "their personal piggy-bank" to fund lavish lifestyles, according to the U.S. Securities and Exchange Commission.
I repeat: take away every fucking dime they own, but don't jail them. Instead, make them work at Wal*Mart and garnish part of their wages to pay back whatever hasn't been satisfied from their former assets. In short, let those motherfuckers live like some of America's hardest working, underpaid and desperate for the rest of their fucking lives.