WHAT: Faith Leaders Join Thousands of People of Faith from Over 150 Prayer Events to Call for Immigration Renewal and Action
WHO: Rev. Loren McGrail, Lyndale United Church of Christ in Minneapolis, MN
WHEN: Thursday, February 26 at 1:00 pm ET
DIAL-IN: 866-952-1908 CODE: 7FAITH
More than 160 prayer vigils took place across the country as part of a growing national movement of faith acting on the pressing moral issue of immigration in America. People of faith are calling on President Obama and Members of Congress to show the moral courage needed to lead on immigration.
SLIM THUG VERSUS THE WELL RESPECTED IN OUR COMMUNITY!
I recently read a comment on the Insite left by a self righteous reader. That reader basically chastised anyone who happens to associate with a rapper. Specifically, the anonymous reader was referring to Houston rapper Slim Thug. He or she essentially said they wouldn’t want to be associated with him. I thought about the comment as I approved it. Then I realized this reader is probably a person who would rather be associated with someone who is well educated, rich, respected in the community, and on every ‘A’ list in town. Then I thought about all the people who would’ve made it on that list at some point. The list is pretty exclusive and long: Ken Lay, Bernie Maddoff, Sir Allen Stanford, Jeffrey Skilling, Paul Greenwood, Stephen Walsh, Andrew Fastow and the list goes on. At one point all these were very well respected people in various communities. Men millions of people in some form of fashion looked up to and adored. These are also the men who have been found guilty or are currently accused of making a plum fool out of those who trusted them. Then I realized I’d probably prefer being friends with Slim Thug who may have used the ‘F’ and ‘N’ word in a song but he didn’t steal my retirement and walked way with my entire financial future. Just a thought from The Insite!
The original comment:
THE PEOPLE YOU TRUST WITH YOUR MONEY!
Lev L. Dassin, the Acting United States Attorney for the Southern District of New York, and Joseph M. Demarest, Jr., the Assistant Director-in-Charge of the FBI’s New York Field Division, announced today that Paul Greenwood, 61, of North Salem, N.Y., and Stephen Walsh, 64, of Sands Point, N.Y., were arrested this morning on conspiracy, securities fraud and wire fraud charges.
According to a three-count complaint unsealed today in Manhattan federal court, from at least 1996 through February 2009, Greenwood and Walsh ran a fraudulent commodities trading and investment advisory scheme using an entity they controlled called WG Trading Investors. Through a marketer, Greenwood and Walsh solicited investor funds on the understanding that they would invest the funds in a program called “enhanced stock indexing,” which they represented was a conservative trading strategy that had outperformed the results of the S&P 500 Index for more than 10 years.
Several institutional investors – including charitable and university foundations, retirement and pension plans and others – invested more than $668 million through WG Trading Investors, receiving in exchange promissory notes issued by WG Trading Investors that the defendants represented would pay interest at a rate equal to the investment returns earned by the enhanced stock indexing strategy.
Contrary to their representations to their investors, Greenwood and Walsh are alleged to have misappropriated the majority of the investor funds. Among other things, Greenwood is alleged to have used the funds to purchase expensive collectible items and horses, as well as for other personal expenditures. Walsh is alleged to have misappropriated investor funds for himself, and to have made large cash payments to his ex-wife.
Both Greenwood and Walsh executed promissory notes in favor of WG Investors with respect to the investor funds they misappropriated and to conceal trading losses. These promissory notes totaled approximately $293 million for Greenwood and approximately $261 million for Walsh.
In February 2009, the National Futures Association (NFA) conducted an audit of WG Investors and related entities. In the audit, the NFA discovered that of approximately $812 million purportedly on the books of WG Investors, more than $794 million was booked as receivables due from Greenwood and Walsh and investments in entities that they controlled.
The charges contained in the complaint are merely accusations, and the defendants are presumed innocent unless and until proven guilty.
Greenwood and Walsh surrendered this morning to the FBI and are expected to be presented today before United States Magistrate Judge Douglas F. Eaton in Manhattan federal court.
Greenwood and Walsh are each charged with one count of conspiracy to commit securities fraud and wire fraud, one count of securities fraud, and one count of wire fraud. The conspiracy count carries a maximum sentence of five years in prison and a maximum fine of $250,000, or twice the gross gain or loss from the offense. The securities fraud count carries a maximum sentence of 20 years in prison and a maximum fine of $5 million, or twice the gross gain or loss from the offense. The wire fraud count carries a maximum sentence of 20 years in prison and a maximum fine of $250,000, or twice the gross gain or loss from the offense.
Mr. Dassin praised the investigative work of the FBI in this case, and thanked the Securities and Exchange Commission, the United States Commodity Futures Trading Commission and the NFA for their assistance. He added that the investigation is continuing.