Former Money Manager Defrauds Investors of $800-$900 Million
Former money manager Paul Greenwood, 62, pleaded guilty in late July to securities fraud , admitting that he cheated charities , schools, pension funds, and others out of $800-$900 million, even using some of those funds to buy collectible Steiff Teddy Bears and invest in horses. He faces up to 85 years in prison and hundreds of millions of dollars in fines. Sentencing is set for December 1, 2010, and an auction to sell the Teddy Bears and other “collectibles” is expected later this year.


