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Hedge fund fraudster faces grizzly situation

August 03, 2010   Suzy Kenly Waite

An auction of prized Teddy bears will give new meaning to the term “clawback.”

Prisoners can only bring the bare necessities.
In what must be an unbearable turn of events, Paul Greenwood, a former partner at WG Trading Co. and a passionate collector of expensive and rare Teddy Bears, has had to part with his collection.

Greenwood recently pleaded guilty to cheating investors out of $900 million. He had told them that he was placing the money in low-risk investments, but the situation soon turned hairy. As the Daily News reported, Greenwood spent the money on a variety of toys, including a horse farm once owned by Paul Newman, a multimillion dollar house, antiques, and a whopping $80,000 on German-made Steiff mohair Teddy bears.

There will be an auction for the Teddy bears later this year, which will also include some antique collectables. Though Greenwood has laid bare his crimes, he could face up to 85 years in prison when sentenced in December.

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