A former money manager and one-time partial owner of the New York Islanders has been sentenced to 10 years in prison for a more than half-billion-dollar financial fraud.
Paul Greenwood was sentenced Wednesday by Manhattan federal Judge Miriam Goldman Cedarbaum. The 67-year-old Greenwood must report to prison Feb. 9.
Continue Reading Below
Greenwood pleaded guilty in 2010 to securities fraud. He admitted cheating charities, schools, pension funds and others out of hundreds of millions of dollars. He used a portion of the money to buy collectible teddy bears and to invest in $100,000 horses.
The judge told Greenwood he was driven by a desire for a lot of money. Greenwood cooperated with the government in the case against a co-defendant who eventually pleaded guilty and was sentenced to 20 years in prison.