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“Beware! Beware! His flashing eyes, his floating hair!”

Unfortunately for investors like Carnegie Mellon and the University of Pittsburgh, crazed rapacious thieves who pitch university money managers don’t typically have flashing eyes and floating hair. They tend to look more like this (via the Wall Street Journal).

This is Paul Greenwood, the compleat yellow bow tie white collar criminal.

In February 2009, UD covered the sad tale of Carnegie Mellon’s money manager journeying to the Greenwich office of this guy’s firm to, as Bloomberg put it “try to locate the school’s money.”

Greenwood had it.

Paul Greenwood, a former executive at WG Trading Co., pleaded guilty on Wednesday to charges that he and his partner misappropriated millions of dollars in funds.

Mr. Greenwood admitt[ed] to taking “upwards of $75 million” for his own personal use.

… [A] court receiver’s preliminary assessment of the total investor losses in the case puts it in a range of $800 million to $900 million…

The universities might get a teeny bit of it back. Maybe.

Margaret Soltan, July 29, 2010 4:37AM
Posted in: screwed

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One Response to ““Beware! Beware! His flashing eyes, his floating hair!””

  1. Bill Gleason Says:

    At our place, the mantra is that we need to take more risks and seek “new sources of revenue.”

    Hope someone in Admin reads this.

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