(Excerpt)
NEW YORK (Reuters) – Two money managers who oversaw investments for Carnegie Mellon University and other institutions were arrested on Wednesday on charges of running an estimated $550 million, decade-long swindle, the latest in a wave of big financial fraud cases.
Paul Greenwood, 61, and Stephen Walsh, 64, managing general partners of broker-dealer WG Trading Co with main offices in Greenwich, Connecticut, were charged by U.S. prosecutors with conspiracy, securities fraud and wire fraud.
http://news.yahoo.com/s/nm/20090226/ts_nm/us_wgtrading
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Amazing how these guys managed to keep the scam going for a decade, before anyone stepped in. You hold up a 7-11 for $55, you’ll likely do 4-5 years in the slammer. You steal $550 million, yeah, sure, you’ll go to prison, but the penalties simply don’t extrapolate out in relation to the amount you stole.
If found guilty, these guys should get life without parole at the very least. In fact, they really should create a new catagory-level for fraud: “Fraud
resulting in death”(think Madoff victims suicides), and if your deliberate actions ruined someone else’s
life to the point where they feel compelled to commit suicide, your life should be forfeit as well. Just my opinion.