You know how it has been in Greenwich for the past few years. Competitive. You have to keep up with the neighbors! That's probably what drove Paul Greenwood and Steven Walsh, the owners of broker-dealer WG Trading, who used their firm, authorities now say, to conduct a thirteen-year securities-fraud scheme, one that siphoned $550 million from "charitable and university foundations, retirement and pension plans and other institutions," which Greenwood and Walsh used to buy ... horses.
Greenwood was an avid equestrian, you see; he owned a 300-acre farm out in Connecticut, as well as a 54-acre riding school he bought from Paul Newman and Joanne Woodward. But not all the money went toward horses. Walsh had to use some to pay off his ex-wife after his divorce, and according to the SEC:
They used investors’ money on lavish lifestyles that include multimillion-dollar homes, a horse farm, cars, horses and collectibles such as Steiff teddy bears.
You see, in Greenwich, when a man buys a teddy bear, it damn well better be a name teddy bear.
Four Fund Managers Charged With Securities Fraud [Bloomberg]