Ex-New York Islanders Owners Sentenced for Securities Fraud

Posted on December 12th, 2014 at 10:16 AM
Ex-New York Islanders Owners Sentenced for Securities Fraud

From the Desk of Jim Eccleston at Eccleston Law Offices:

Paul Greenwood and Stephen Walsh, former executives at WG Trading Co., were sentenced to 10 years in prison for participating in a fraud valued at roughly $554 million that lasted more than a decade.

From 1996 to 2009, Greenwood and Walsh bilked university foundations, charities and other investors out of $131 million through WG Trading. To hide the misappropriation and WG's lack of profitability, Walsh and Greenwood issued $554 million in promissory notes to investors.

The men used investor funds to help Walsh's children run businesses, cover payments to Walsh's ex-wife, and enable Greenwood to operate a horse farm and buy a stuffed teddy bear collection. Walsh and Greenwood also used $2.6 million of their money to buy a stake in the New York Islanders National Hockey League team in 1992.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services. 

Related Attorneys: James J. Eccleston

Tags: Securities Fraud, WG Trading Co., Greenwood and Walsh, Eccleston Law, Financial Adviser

Return to Archive

TESTIMONIALS

Previous
Next

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

December 23, 2024
Understanding Alternative Investments and Risk Management

Alternative investments once again are gaining traction, according to a recent article in InvestmentNews

December 20, 2024
FINRA Sanctions Over 60 Advisors for Continuing Education Violations

FINRA has disciplined 62 advisors for cheating on New York’s continuing education (CE) requirements tied to insurance license renewals. 

December 19, 2024
GPB Capital Investors See Progress as Court Confirms Receivership

In a significant development for investors in GPB Capital Holdings, the private equity firm will move into receivership following a prolonged legal battle.