Stephen Walsh (money Manager)
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Stephen Walsh (born 1944) is an American former money manager who pleaded guilty to
securities fraud Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information.Paul Greenwood Paul Greenwood (born 2 August 1943) is a British film, television and theatre actor. He is best known for his role as PC Michael "Rosie" Penrose in the sitcom ''The Growing Pains of PC Penrose'' and its successor ''Rosie (TV series), Rosie'', ...
were arrested on February 24, 2009 for alleged
securities fraud Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information.Greenwich, Connecticut Greenwich ( ) is a New England town, town in southwestern Fairfield County, Connecticut, United States. As of the 2020 United States census, 2020 census, it had a population of 63,518. It is the largest town on Gold Coast (Connecticut), Connectic ...
.Nate Raymond
Ex-NY Islanders co-owner gets prison term for fraud halved
Reuters (June 29, 2016).
They were charged with scheming to defraud investors of $554 million.Patricia Hurtado
Fund Manager Paul Greenwood Pleads Guilty to Fraud
Bloomberg News (July 28, 2010).
The scheme, which lasted from 1996 to 2009, defrauded investors, and involved unauthorized investments and the reporting of "arbitrary return rates" to investors that failed to account for losses.Elizabeth Ganga
Paul Greenwood sentenced to 10 years for massive fraud
''The Journal News'' (December 3, 2014).
The scheme collapsed after the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
and a
National Futures Association The National Futures Association (NFA) is the self-regulatory organization (SRO) for the U.S. derivatives industry, including on-exchange traded futures, retail off-exchange foreign currency (forex) and OTC derivatives ( swaps). NFA is headqu ...
audit that revealed
promissory note A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the ''maker'' or ''issuer'') promises in writing to pay a determinate sum of ...
s used by Greenwood and Walsh to account for losses and withdrawals. From 1991 to 2003, Walsh held a minority stake in the
New York Islanders The New York Islanders (colloquially known as the Isles) are a professional ice hockey team based in Elmont, New York. The Islanders compete in the National Hockey League (NHL) as a member of the Metropolitan Division in the Eastern Conference (N ...
hockey team.John Riley
Judge takes 15 years off fraud sentence for ex-Islander co-owner Stephen Walsh
''Newsday'' (May 8, 2019).
Walsh lived in Sands Point on
Long Island Long Island is a densely populated continental island in southeastern New York (state), New York state, extending into the Atlantic Ocean. It constitutes a significant share of the New York metropolitan area in both population and land are ...
. In April 2014, Walsh pleaded guilty in the U.S. District Court for the Southern District of New York with
securities fraud Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information.Miriam Goldman Cedarbaum indicated that she was considering whether to impose a maximum 20-year prison sentence, Walsh considered withdrawing his guilty plea, but ultimately chose not to do so. Later in 2014, Cedarbaum sentenced Walsh to 20 years;Investment Managers Sentenced In Manhattan Federal Court For Several Hundred Million-Dollar Fraud Scheme
(press release), U.S. Department of Justice (December 3, 2014).
Cedarbaum, who had earlier suffered a stroke, mistakenly believed that investors had not been made whole for their losses. On May 8, 2019, Judge Loretta Preska reduced Walsh's sentence by 15 years, granting him immediate release, based on her finding that Walsh had received
ineffective assistance of counsel In United States law, ineffective assistance of counsel (IAC) is a claim raised by a convicted criminal defendant asserting that the defendant's legal counsel performed so ineffectively that it deprived the defendant of the constitutional right gu ...
.


References

{{DEFAULTSORT:Walsh, Stephen 1944 births Living people American fraudsters American white-collar criminals American money managers