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 又一起花街诈骗案。那股神老儿说过，只有当潮水退了， |
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ceo/cfo
[博客]
[个人文集]
头衔: 海归中将
声望: 院士
性别: 
加入时间: 2004/11/05
文章: 12941
海归分: 491638
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
你才能看到哪几个游泳的没穿裤子。 
中文就简明的多了，水落石出。
In the latest round of financial-fraud allegations to erupt, two money managers have been accused of misappropriating at least $553 million, and using it to fund a lifestyle of lavish homes, horses and even an $80,000 collectible teddy bear.
Associated Press
Paul Greenwood, 61, exits Manhattan Federal court after being released on bail Wednesday in New York.
The two men, Paul Greenwood, 61 years old, of North Salem, N.Y., and Stephen Walsh, 64, of Sands Point, N.Y., were arrested by Federal Bureau of Investigation agents and face criminal charges of conspiracy, securities fraud and wire fraud by the U.S. Attorney for the Southern District of New York.
Alleged victims include Carnegie Mellon University, which had invested more than $49 million, and the University of Pittsburgh, which put in more than $65 million, court records show. The Iowa Public Employees Retirement System said it had invested about $339 million, or 2% of its portfolio. The Sacramento County Employees' Retirement System in California said on its Web site that it had invested $89.9 million, or 1.6% of its total fund.
Series of Scandals
The case marks the latest in a series of scandals, topped by Bernard Madoff, who authorities say admitted in December to masterminding a $50 billion Ponzi scheme. Other cases include R. Allen Stanford, a Texas financier who has been accused by the Securities and Exchange Commission of an $8 billion fraud involving certificates of deposit, and Marc Dreier, a prominent New York lawyer charged in an alleged $400 million hedge-fund scam.
If proved, the latest case "will be the biggest direct hedge-fund fraud we've seen," according to Chris Addy of Montreal-ba<x>sed Castle Hall Alternatives, which provides risk-assessment services for investors in hedge funds.
Separately, another alleged fraud began unfolding Wednesday when the U.S. attorney charged hedge-fund manager James Nicholson with securities and bank fraud in U.S. District Court in Manhattan. Prosecutors don't have a clear idea of the size of the alleged loss, saying only that as much as $900 million could have been invested with his firm.
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Full text of the criminal complaintMr. Nicholson's lawyer, Ira Lee Sorkin, declined to comment Wednesday.
'Enhanced Stock Indexing'
Federal prosecutors allege that since 1996, Messrs. Greenwood and Walsh ran a fraudulent investment-advisory scheme, involving several companies, in which they promised to invest funds in a program called "enhanced stock indexing." It was represented as a conservative trading strategy that had outperformed the Standard & Poor's 500 Index for more than 10 years. Prosecutors allege the men raised more than $668 million from institutional clients, and misappropriated most of the money.
Court documents list several companies as being controlled by the two men, including WG Trading Co. and WG Trading Investors LP in Greenwich, Conn., and Westridge Capital Management Inc., ba<x>sed in Santa Barbara, Calif. They owned Westridge with another individual, prosecutors say.
Mr. Greenwood was elected supervisor (the rough equivalent of mayor) of North Salem, N.Y., a bucolic town north of New York City, in 2007.
Westridge is structured like a hedge fund in that it raised money from big institutional clients, pooled the funds, and charged fees ba<x>sed on asset size and profits.
A third man, Mark Bloom, of New York City, was separately charged by the U.S. attorney's office, in U.S. District Court in New York, with securities fraud and wire fraud for allegedly defrauding investors in North Hills Fund, an investment partnership he started, and operated separately, while working at WG Trading Co.
Getty Images
Stephen Walsh of WG Trading Co., a broker- dealer ba<x>sed in Greenwich, Conn., leaves Federal Court in Lower Manhattan on Wednesday.
Attorneys for Messrs. Greenwood and Walsh declined to comment. An attorney for Mr. Bloom declined to comment.
Messrs. Walsh and Greenwood were released on $7 million bail each. Mr. Bloom was released on $3 million bail.
The two universities, Carnegie Mellon and Pitt, filed a civil lawsuit last week against Messrs. Greenwood and Walsh, and several of the companies allegedly affiliated with them, seeking an asset freeze. According to the lawsuit, filed in U.S. District Court in Pittsburgh, the schools grew concerned after learning that the National Futures Association, an industry self-regulatory association, on Feb. 12 had suspended the two men from NFA membership and had prohibited them from soliciting new investments. Earlier this month, the two men "failed to cooperate with NFA and produce books and records" during an audit by the NFA, according to documents filed in the case.
The NFA's audit of Messrs. Greenwood and Walsh's firm "started the dominoes falling," an association spokesman said.
According to the lawsuit, on Feb. 15, two senior Carnegie Mellon executives called James Carder, president of Westridge Capital. Mr. Carder told the two men that he "was 'devastated' by the apparent actions of Greenwood and Walsh, and their refusal to cooperate with the NFA," the lawsuit alleges. Mr. Carder "went on to say that his 'career is over,'" these documents say.
A person who answered the phone Wednesday at Westridge's office in Santa Barbara declined to provide his name and said no one at the firm, including Mr. Carder, would comment.
The two universities had no comment Wednesday.
Donna M. Mueller, chief executive of the Iowa pension fund, said: "This is an indication that regulators moved quickly to address suspicions and are acting on our behalf."
SEC, CFTC Charges
Messrs. Greenwood and Walsh also face civil charges from the SEC and the Commodity Futures Trading Commission, which became involved in the case because it regulates futures markets. The alleged fraud involved trading in financial futures pegged to stock indexes.
In its civil complaint, the SEC alleges that Messrs. Walsh and Greenwood used client funds from WG Trading Investors as "their personal piggy-bank to furnish lavish and luxurious lifestyles, which include the purchase of multimillion-dollar homes, a horse farm, cars, horses, and rare collectibles such as Steiff teddy bears."
View Full Image
Grand Central Inc.
Authorities claim Paul Greenwood and associate Stephen Walsh spent lavishly on horses, houses and collectible teddy bears. Mr. Greenwood's horse farm boasts show ponies that can fetch more than $100,000, according to his Web site.
The CFTC said more than $160 million was used for their personal expenses, including rare books and a $3 million home for Mr. Walsh's ex-wife.
An article about Mr. Greenwood on the North Salem Bridle Trails Association Web site describes him as a former economics professor who wrote a dissertation on stock-portfolio theory. The article said he had bought Old Salem Farm from the actor Paul Newman, and later sold his interest in it. A New York Times article in 1989 described the farm, then owned by Mr. Greenwood, as "the grandest stable for show horses" in Westchester County.
The SEC described the alleged fraud as "ongoing." As recently as Feb. 6, the defendants obtained a $21 million investment from a large state educational institution that was a client, the SEC's complaint said.
Twenty Accounts
Westridge Capital managed $1.8 billion in assets, the firm told the SEC in an adviser-registration filing in January. It oversaw a total of 20 accounts primarily for institutions including pension funds, charitable foundations and hedge funds, according to the filing. It lists Messrs. Walsh and Greenwood as principals since 1999.
WG Trading Co. reported consistently positive returns, according to hedgefund.net, a provider of fund data to investors. From January 1995 to September 2008, WG Trading never reported a negative month. Typically it gained from to 0.10% to 1% a month during that time, as part of a low-risk strategy designed to outperform major market indexes. The firm charged a management fee of 0.25% of assets it managed plus 30% of any trading profits, a higher percentage than the 20% typical of most hedge funds.
—Gregory Meyer contributed to this article.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 又一起花街诈骗案。那股神老儿说过，只有当潮水退了， -- ceo/cfo - (8467 Byte) 2009-2-26 周四, 21:59 (1397 reads)
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