'I’ve lied, I’ve cheated, I’ve stolen'.
Hedge fund manager and teddy bear collector Paul Greenwood was sentenced to 10 years in prison after pleading guilty to swindling investors out of $554m, some of which he used to buy the stuffed toys.
Bloomberg News reports that Greenwood, 67, the general partner of WG Trading Co., pleaded guilty in 2010, telling a federal judge that he and his former partner, Steven Walsh, had “sort of” conducted a Ponzi scheme over 13 years.
He also admitted spending at least $75m of investor money in the commodities-trading and advisory firm to pursue his fascination with museum-grade teddy bears and other soft toys.
After his plea, Christie’s International held a 2010 auction of more than 1,000 stuffed animals from Greenwood’s collection which generated more than $1.72m in sales, including a rare 1904 Steiff “white rod” teddy bear with a gutta percha nose that sold for $21,000, according to the auction house’s website.
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