Steven Walsh & Paul Greenwood Futures Fraud Case

Futures Fraud Case

Steven Walsh & Paul Greenwood Fraud

Steven Walsh & Paul Greenwood Futures Fraud CaseYet another fraud case uncovered last week, details on this futures fraud case are below:

Two New York residents were charged yesterday by the Commodity Futures Trading Commission after allegedly misappropriating at least $553 million of client’s funds.

Stephen Walsh of Sands Point, NY and Paul Greenwood of North Salem, NY are being hit with futures fraud in connection with their companies, which include Westridge Capital Management Inc., WG Trading Investors, LP, and WGIA, LLC.

“Defendants treated investor money– some of which came from a public pension fund– as their own piggy bank to lavish themselves with expensive gifts,” said Stephen J. Obie, Acting Director of Enforcement for the CFTC.

According to the complaint, Walsh and Greenwood took approximately $1.3 billion from investors in their entities since 1996. The men allegedly told their clients that all of the funds would be employed in a single investment strategy of index arbitrage. source

Read about additional fraud cases and hedge fund regulations and compliance within our:
Hedge Fund Regulation Corner | Compliance & Law Notes

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