Westgate Capital, WG Trading Company Fraud

February 25, 2009 by admin
Filed under: Corporate Scandals 

Owners of Westgate Capital, Paul Greenwood and Stephen Walsh, were arrested in the latest Wall Street scandal.  Westgate Capital manages hundreds of millions of dollars for universities and charities.  The firms clients include “charitable and university foundations, retirement and pension plans and other institutions.”  The two owners were arrested for illegal wire transfers made to bank accounts held by Greenwood and Walsh’s wife.

The funds wired to the owners of Westgate Capital totalled $1.3 billion to buy horses and for other personal use.  Greenwood and Walsh also own WG Trading Company and Westridge Capital Management.

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