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Posted: Feb 25 2009, 06:49 PM
Friend of Ours
Group: Friend of Ours
Member No.: 4
Joined: 3-April 06
Former Islanders owners Greenwood and Walsh arrested on securities fraud charges
BY Thomas Zambito
DAILY NEWS STAFF WRITER
Updated Wednesday, February 25th 2009, 7:17 PM
Two former members of the New York Islanders' infamous Gang of Four ownership group were arrested on securities fraud charges today for swindling top-flight universities out of hundreds of millions of dollars.
Paul Greenwood and Stephen Walsh were arrested today and are expected to appear in Manhattan Federal Court this afternoon.
The two were members of the much-maligned ownership group that led the Islanders during some bleak years in the early 1990s, following a string of Stanley Cup championships a decade before.
Walsh and Greenwood were suspended by the National Futures Association last week after they refused to cooperate with an audit. The move prevented them from placing any trades on accounts they controlled or soliciting investor funds.
Last week, the University of Pittsburgh and Carnegie Mellon University sued the duo's Greenwich, Ct.-based Westridge Capital Management, demanding the return of $114 million.
The feds say Greenwood bought horses with the stolen cash, and Walsh paid for a luxury apartment for his ex-wife as part of a divorce settlement.
Charities, universities, pension plans and others had investments of $668 million with WG Trading Investors run by Greenwood and Walsh.