MANHATTAN (CN) - The two men who ran WG Trading Co. swiped $131 million from their $7.6 billion trading funds, the SEC claims in Federal Court. It says Paul Greenwood took $80 million and Stephen Walsh pocketed $51 million.
Greenwood, 62, of North Salem, N.Y., and Walsh, 65, of Sands Point, face up to 65 years in prison if convicted of all charges, which include conspiracy, securities fraud, wire fraud, commodities fraud and money laundering, the U.S. Attorney's Office said.
They were arrested on Feb. 25, released on bail, and charged on Friday, July 24. They also run, or ran, WG Trading Investors. The SEC says their fraud began in 1996 and continued until they were arrested.
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