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Thursday, February 26, 2009

Westridge Capital Management Scam

Here's some of the institutions that got taken:

Carnegie Mellon $49 million

University of Pittsburgh $65 million

Iowa Public Employees $339 million

Sacramento Public Employees $89 million

Where did the money go?

Of the over $1.3 billion invested, notes from Paul Greenwood and Stephen Walsh made up $553 million of the over $794 million of "receivables."

$160 million was used for personal expenses. In other words, they stole the money, spent it, and wrote an IOU for it, including an $80,000 Steiff Teddy bear and a $3 million home for Walsh's ex-wife, and a horse farm bought from Paul Newman.

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