MANHATTAN (CN) – In separate cases, federal prosecutors today accused four traders and hedge fund operators of stealing nearly $1 billion from investors. Prosecutors say James Nicholson and his Westgate Capital Management defrauded investors of hundreds of millions of dollars in 11 Westgate hedge funds. Nicholson also faces charges from the SEC. In the second case, prosecutors say Paul Greenwood, 61, and Stephen Walsh, 64, defrauded investors of more than $550 million in their commodities and investment house, WG Trading Investors. Greenwood allegedly took $293 million through promissory notes, and Walsh $261 million. And in the third case, Mark Bloom, 57, is charged with defrauding investors in the North Hills Fund, from which he “borrowed” $10 million.
Here are the defendants in the Nicholson/Westgate case: James M. Nicholson, Westgate Capital Management LLC, Westgate Absolute Return Fund LP, Westgate Alpha Fund LP, Westgate Equity Fund LP, Westgate Focus Fund LP, Westgate Growth Fund LP, Westgate Opportunity Master Fund Ltd., Westgate Premier Growth Fund LP, Westgate Select Fund LP, Westgate Strategic Growth Fund LP, and Westgate Summit Fund LP.