The U.S. Securities and Exchange Commission charged the owners of a Greenwich investment company with stealing $554 million from clients and spending the money on ritzy homes, horses, cars and collectables.
A judge froze the assets of WG Trading Co. LP and New York residents Paul Greenwood and Stephen Walsh, as well as a second company they ran called Westridge Capital Management Inc. in Santa Barbara, Calif. WG also lists offices in Jersey City, N.J., and North Hills, N.Y.
Greenwood lives in North Salem and Walsh lives in Sands Point.
The SEC claims the fraudulent activity dates back to 1996, with Greenwood and Walsh alleged to have taken client money purportedly for investment in equity index futures and related arbitrage trading. As late as last month, the University of Pittsburgh invested $21 million with Greenwood and Walsh, according to the SEC.
