Money Managers Paul Greenwood, Stephen Walsh of WG Trading Company Charged with Criminal Fraud

Another one bites the dust..... According to Reuters, Paul Greenwood and Stephen Walsh, two money managers at WG Trading Company have been charged with criminal fraud for allegedly misappropriating investor funds and making false representations.

Both men were managing general partners of WG Trading, which has main offices in Greenwich. They were charged with conspiracy, securities fraud and wire fraud. According to the criminal complaint filed in U.S. District Court in Manhattan, the alleged scheme began in 1996 and ran through this month.

I hate to say it, but there will be more arrests in financial circles as more crimes are uncovered. The recession, though hard on everyone, is a blessing in disguise. At least the scumbags are now being ferreted out into the open. This is another example of how the Securities and Exchange Commission isn't as tough as it should be. Too many financial improprieties have flown under the radar on their watch. I don't blame President Barack Obama, it is time to clean house!