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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: MulhollandDrive who wrote (186482)	2/25/2009 1:26:27 PM
From: DebtBomb	Read Replies (1) of 306849

CFTC charges futures traders in alleged $1.3 bln scam By Alistair Barr Last update: 12:31 p.m. EST Feb. 25, 2009 SAN FRANCISCO (MarketWatch) -- The U.S. Commodity Futures Trading Commission said Wednesday that it charged futures traders Stephen Walsh and Paul Greenwood with fraud and misappropriation of investors' money in what the regulator called a $1.3 billion scam. From at least 1996, Walsh and Greenwood raised roughly $1.3 billion from investors for Westridge Capital Management, WG Trading Investors, LP, and other investment vehicles. They "falsely depicted" that all investors' money would be used in an index arbitrage strategy. But roughly $553 million was instead transferred to another entity from which Walsh and Greenwood siphoned funds, the CFTC's complaint alleged marketwatch.com

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