Westgate Capital, WG Trading Company Affect Pitt and Carnegie Mellon
The arrest of the owners of Westgate Capital and WG Trading Company has led many universities and pension funds to search for their money. Paul Greenwood and Stephen Walsh were arrested on Wednesday for corporate fraud. The two used the majority of their clients $667 million to buy expensive homes, books and collectibles. Authorities believe that the scheme has been going on for over a decade. A court order has frozen their personal assets and those affiliated with Westgate Capital and WG Trading Company.
The University of Pittsburgh had $65 million invested and Carnegie Mellon had at least a $49 million investment. The SEC recently reviewed court papers showing that Walsh and Greenwood had received a $21 million investment as recently as February 6th. It will be interesting to see if this money is recovered in the near future.
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