The hits keep coming for the uber-rich as more and more scams are being uncovered in the financial sectors. First there was Madoff, then Robert Allen Stanford and now, two men who used to own the New York Islanders have been charged with stealing $553 million from charities and pension plans in order to buy luxury items for themselves.
Paul Greenwood, and Stephen Walsh, two of the “Gang of Four” owners of the NY Islanders from 1991 to 1996, have been arrested on charges of securities and wire fraud and were taken to Manhattan Federal Court. The two made outlandish promises of performance to investors the likes of the University of Pittsburgh and Carnegie Mellon University dating back to 1996 and continuing up until last month.
The Gang of Four sold their 100% stake in the Islanders after the team kept losing millions of dollars, later that year reportedly Greenwood and Walsh began their conspiracy to commit fraud.
Don’t worry though, sure the charities and non-profit institutions they robbed are out some money but it wasn’t squandered. Greenwood and Walsh spent $168 million on such necessary items as “rare books bought at auction, horses and a lavish home for Walsh’s ex-wife Janet…They spent as much as $80,000 on mohair Steiff teddy bears, which are German-made.”
Take that unemployed fuckers!
Is anyone else amazed how many people were just flat out scamming folks in the stock market? It’s fucking ridiculous!
[Yahoo]
The Slanch Report 
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