Paul Greenwood, former Islanders co-owner, sentenced to 10 years for billion dollar ponzi scheme
Posted by William Byrnes on December 9, 2014
read the full story on International Financial Law Prof Blog.
The U.S. Commodity Futures Trading Commission (CFTC) announced that Paul Greenwood operated a $1.3 billion investment scam where he and a co-Defendant misappropriated at least $554 million from commodity pool participants, was sentenced to 10 years in federal prison for charges related to his participation in the scam. Earlier, on July 28, 2010, Greenwood pled guilty to a six-count criminal indictment on the charges, including a commodities fraud charge in violation of the Commodity Exchange Act (CEA). read the full story on International Financial Law Prof Blog.
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oliviaxlarosa said
Every once in a while, the avaricious get their due. There’s a moral failing at the heart of this case. People are unwilling to accept that they have enough money. People are unwilling to accept the fact that they have great privilege just because they are rich. Why would someone need to steal half a billion dollars? Apparently this man already was top 1% wealthy. It’s a sickness with them.
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