Former Isles Officials Arrested
February 26th, 2009 by Tom
A couple of former Isles owners were arrested Tuesday for allegedly stealing wads of cash from charities and pension plans. If the charges are true, they seem like really swell fellas. Here’s an excerpt from the NY Daily News story, which is incidentally written by a friend of mine. I’ll have to hassle him for the “once great” line.
Thomas Zambito
NY Daily NewsTwo members of the Islanders’ “Gang of Four” ownership group stole $553 million from charities and pension plans to buy horses, mohair teddy bears and a $3 million home, the feds say.
Paul Greenwood, 61, and Stephen Walsh, 64, were arrested on securities and wire fraud charges on Wednesday and hauled into Manhattan Federal Court wearing cashmere V-neck sweaters.
The feds say they promised investors, including the University of Pittsburgh and Pittsburgh’s Carnegie Mellon University, huge returns with bogus claims of a trading strategy that outperformed the S&P 500 Index for a decade.
“Trading is all we do, and our success has been due to the fact that we trade very well,” they promised one investor.
The feds say Greenwood and Walsh produced results as bleak as their four-year run – which began in 1992 – at the helm of the once-great Long Island hockey club.
See the entire story here.
