Paul Greenwood, a former New York Islanders minority owner in the early 90s, has been sentenced to a decade in prison for his role in a financial fraud that lasted over a dozen years.
More, from the Associated Press:
Greenwood pleaded guilty in 2010 to securities fraud, admitting that he cheated charities, schools, pension funds and others out of hundreds of millions of dollars.
He used a portion of the money to buy collectible teddy bears and to invest in $100,000 horses.
“You really wanted to have a lot of money,” [Manhattan U.S. District Judge Miriam Goldman Cedarbaum] told Greenwood, who cooperated with the government in the prosecution against Stephen Walsh.
Walsh eventually pleaded guilty and was sentenced weeks ago to 20 years in prison.
Greenwood and partner Walsh purchased a controlling interest in the Islanders in August 1992. According to prosecutors, Greenwood acknowledged he and Walsh got the money for the Isles — a reported $2.6 million — from their securities company, WG Trading, without telling investors.
The two sold their Islanders stakes in 1996.