Remember Paul Greenwood? Hedge fund manager convicted a while back of running a thirteen year Ponzi scheme? Which funded a teddy bear-loving lifestyle that at its peak included 1,348 bears worth $3 million? That Greenwood kept track of via spreadsheet noting specifics like "full-dressed in sailor suit, lavender-tipped mohair coat [and] felt spats"? He just got handed ten years.
Hedge fund manager and teddy bear collector Paul Greenwood was sentenced to 10 years in prison after pleading guilty to swindling investors out of $554 million dollars, some of which he used to buy the stuffed toys. 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 $75 million of investor funds from their commodities-trading and investment-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 1.1 million pounds ($1.72 million) 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.