Another Wall St Ponzi !

[Mega]

http://www.nytimes.com/2009/02/26/bu...3&ref=business
Mike

[cjppjc]

Re: Another Wall St Ponzi !

At least the money went for a good cause.


It was too late. According to the F.B.I., Mr. Greenwood, 61, and Mr. Walsh, 64, over the years had siphoned off most of the money and used it to finance high lifestyles and cover the costs of recent divorces.
Mr. Greenwood’s extravagances included an $80,000 collection of Steiff teddy bears and Old Salem Farm, a 54-acre riding school and horse farm in the Westchester County town of North Salem that he had bought from Mr. Newman and Joanne Woodward. He has since sold Old Salem.


Btw: Arrests are way up lately. Too little too late I'm afraid. Wouldn't it have been great if the authorities had been vigilant during the good times.