Pursuits
WG Trading’s Greenwood Gets Fraud Sentence Cut in Half
- Judge credits hedge fund manager with helping recover losses
- Greenwood used stolen money to add to teddy bear collection
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A hedge fund manager who admitted to swindling investors out of $554 million using some of the money to add to his $1.9 million museum-quality stuffed-animal collection had his prison sentence cut in half, to five years.
Paul Greenwood, 69, won a resentencing when an appeals court ruled in January that the trial judge had made mistaken findings about the victims of the fraud. U.S. District Judge Loretta Preska Wednesday credited Greenwood’s cooperation with the government and his help in recovering more than 95 percent of the victims’ investments in giving him the requested cut in prison time.