Ohio Northern Falls Victim to Alleged Investment Fraud
Add Ohio Northern to the list of universities allegedly ripped off by two East Coast money managers. The university in Ada, Ohio, said it invested around $10 million of its endowment with Paul Greenwood and Stephen Walsh, both of whom were charged February 25 by the Securities and Exchange Commission for misappropriating $553 million of their investors' assets, the Chronicle of Higher Education reports. They face charges of securities fraud, wire fraud, and conspiracy.
Other college endowments that were tied up in the alleged scheme: the University of Pittsburgh ($65 million), Carnegie Mellon ($49 million), and Bowling Green State University ($15 million). Ohio Northern and BGSU were steered to the charged Wall Street traders by the Cleveland-based financial firm Hartland & Co., while Pittsburgh and Carnegie Mellon were advised by Wilshire Associates, a major California-based consulting firm.
Tags: colleges | investing | University of Pittsburgh | Carnegie Mellon University | Bowling Green State University
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Investment Advice
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Thanks for this nice post..
Thanks
Rakesh
Beware of Florida Ponzi Schemers
WHAT IS A PONZI SCHEME?
According to SEC filing dated October 30, 2006 - Sidney D. "Trip" Camper was fired from Elandia Inc. when the Ahkoy family fell victim to investment fraud headed by Elandia's Allen Stanford and Trip Camper. Forced to resign by Allen Stanford himself (see SEC link below), Trip Camper moved on to his next victim, a private company in Los Angeles. In true School of Stanford form, Trip Camper promised to take the private company public. Instead, Trip Camper recruited a new partner in crime, Ed Berkhof and together they formed a "shell" holding company, milked the private company of thousands of dollars, illegally obtained company stock and pretended to be the company owners- and owners of all the assets. By pretending to own the company's assets, Trip Camper and Ed Berkhof worked to dupe private investors out of capitol that they used to pay themselves and their creditors. This is a Ponzi Scheme. Instead of taking the company public, Trip Camper and Ed Berkhof spent thousands of dollars, took a trip to London on a company American Express card, performed a hostile takeover, and ruined the honest, profitable company. Since then, the Ahkoy family is suing Elandia Inc., Allen Stanford is in Federal prison, and the FBI is seeking out Allen Stanford's network of thieves. Don't let this happen to you.
http://www.secinfo.com/d14D5a.v6Q98.c.htm
Walsh & Greenwood
Walsh gave his daughter a great legacy by ripping off Carnegie Mellon, her alma mater.
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