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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, 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.
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 $1.72 million in sales. The auction included 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.
