http://www.newsday.com/business/yourmoney/ny-bzscam2612495869feb26,0,2043242.storyTwo former executives of the New York Islanders were charged Wednesday by federal officials with misappropriating more than $500 million in client investments, including tens of millions allegedly taken for things like expensive stallions and pricey Teddy bears.
Stephen Walsh, 64, of Sands Point and Paul Greenwood, 61, the town supervisor of North Salem in Westchester County, who were among the top echelon of Islander executives in the 1990s, surrendered to FBI agents in Manhattan Wednesday, investigators said.
After an initial appearance before Manhattan federal magistrate Douglas F. Easton both men were released on individual $7-million bonds, with their travel restricted to the approximately 200-mile area between upper Westchester and Washington, D.C.
Defense attorneys Bob Jossen, who represents Greenwood, and Richard Weinberg, who represents Walsh declined to comment Wednesday.
Three federal law enforcement agencies coordinated a series of criminal and civil investigations in recent weeks, which culminated in three separate actions being taken by regulators against Walsh and Greenwood in Manhattan federal court.
Walsh was listed in federal court documents as having served as co-chairman of the Islanders and as a member of the board of governors of the National Hockey League from 1991 to 1998. Greenwood was identified in the same documents as being the operator of a commodity pool, a fund that pools assets to deal in commodity futures.
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