Former Islanders co-owner gets 10 years in prison after cooperating in financial fraud probe

SportsAssociated Press

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.

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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.