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U.S. court vacates ex-NY Islanders owner's 10-year fraud sentence
Source: Reuters
US | Thu Jan 7, 2016 1:15pm EST
U.S. court vacates ex-NY Islanders owner's 10-year fraud sentence
NEW YORK | BY JONATHAN STEMPEL
A federal appeals court on Thursday vacated the 10-year prison sentence of a former money manager who co-owned the New York Islanders hockey team and ordered that he be resentenced for what prosecutors said was a $554 million fraud.
The 2nd U.S. Circuit Court of Appeals in Manhattan said Paul Greenwood, a former executive at WG Trading Co in Greenwich, Connecticut, must be resentenced because the record did not support U.S. District Judge Miriam Goldman Cedarbaum's finding that specific individuals were harmed by his fraud.
Greenwood, 68, had cooperated with prosecutors after he and business partner Stephen Walsh were accused of bilking investors from 1996 to 2009.
Authorities said the men issued $554 million of promissory notes to cover up misappropriations that helped fund lavish lifestyles, including a horse farm and collection of stuffed teddy bears for Greenwood.
Walsh, 71, is serving a 20-year prison term.
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U.S. court vacates ex-NY Islanders owner's 10-year fraud sentence
NEW YORK | BY JONATHAN STEMPEL
A federal appeals court on Thursday vacated the 10-year prison sentence of a former money manager who co-owned the New York Islanders hockey team and ordered that he be resentenced for what prosecutors said was a $554 million fraud.
The 2nd U.S. Circuit Court of Appeals in Manhattan said Paul Greenwood, a former executive at WG Trading Co in Greenwich, Connecticut, must be resentenced because the record did not support U.S. District Judge Miriam Goldman Cedarbaum's finding that specific individuals were harmed by his fraud.
Greenwood, 68, had cooperated with prosecutors after he and business partner Stephen Walsh were accused of bilking investors from 1996 to 2009.
Authorities said the men issued $554 million of promissory notes to cover up misappropriations that helped fund lavish lifestyles, including a horse farm and collection of stuffed teddy bears for Greenwood.
Walsh, 71, is serving a 20-year prison term.
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Read more: http://www.reuters.com/article/us-usa-fraud-greenwood-idUSKBN0UL26820160107
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