Stephen Walsh is one of two money managers arrested on February 24, 2009 for alleged securities fraud

Securities fraud

Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws....

 of between $550 million and $670 million. Walsh is accused with Paul Greenwood

Paul Greenwood (money manager)

Paul Greenwood is a money manager accused of securities fraud with business partner Stephen Walsh and was arrested with Walsh on February 24, 2009...

 of using their companies such as Westridge Capital Management Inc. and WG Trading Company for fraud.

The University of Pittsburgh

University of Pittsburgh

The University of Pittsburgh, commonly referred to as Pitt, is a state-related research university located in Pittsburgh, Pennsylvania, United States. Founded as Pittsburgh Academy in 1787 on what was then the American frontier, Pitt is one of the oldest continuously chartered institutions of...

, Carnegie Mellon University

Carnegie Mellon University

Carnegie Mellon University is a private research university in Pittsburgh, Pennsylvania, United States....

, Wells Fargo Bank, the Sacramento County Employees Retirement System

Sacramento County, California

Sacramento County is a county in the U.S. state of California. Its county seat is Sacramento, which is also the state capital. As of 2010 the county had a population of 1,418,788....

, and the Kern County Employees Retirement Fund

Kern County, California

Spreading across the southern end of the California Central Valley, Kern County is the fifth-largest county by population in California. Its economy is heavily linked to agriculture and to petroleum extraction, and there is a strong aviation and space presence. Politically, it has generally...

 are reported to have lost millions due to the two managers.

Walsh and Greenwood were previously investors in the New York Islanders

New York Islanders

The New York Islanders are a professional ice hockey team based in Uniondale, New York. They are members of the Atlantic Division of the Eastern Conference of the National Hockey League...

 hockey team.

See also

• Nicholas Cosmo
  Nicholas Cosmo
  Nicholas Cosmo was arrested January 26, 2009 on charges of an estimated $370–413 million Ponzi scheme. Cosmo is alleged to have conducted the scheme using his company Agape World Inc. in Hauppauge, New York, which claimed to make its profits via commercial bridge lending...
  
  
• Arthur Nadel
  Arthur Nadel
  On April 28, 2009, Arthur Geoffrey Nadel was indicted on 15 counts including six counts of securities fraud, eight counts of wire fraud and one count of mail fraud in a federal court in Manhattan...
  
  
• Bernard Madoff
  Bernard Madoff
  Bernard Lawrence "Bernie" Madoff is a former American businessman, stockbroker, investment advisor, and financier. He is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S...
  
  
• Marc Dreier
• Allen Stanford
  Allen Stanford
  Robert Allen Stanford is a former prominent financier and sponsor of professional sports who is in prison awaiting trial on charges his investment company was a massive Ponzi scheme and fraud. Stanford was the chairman of the now defunct Stanford Financial Group of Companies. A fifth-generation...
  
  
• Joseph S. Forte
  Joseph S. Forte
  Joseph S. Forte of Broomall, Pennsylvania operated a Ponzi scheme that cost investors $50 million. He reportedly signed a confession with the United States Postal Inspection Service.-Biography:...
  
  

External links

• Zachery Kouwe, "Two Money Managers Held in New Wall Street Fraud Case", New York Times (February 25, 2009)
• Rick Schapiro, "Greenfield and Walsh Ran Islanders Right Into the Deep Freeze", New York Daily News (February 26, 2009)
• Andrew S. Ross, "Another Pension Fund Hit", San Francisco Chronicle (March 4, 2009)