Man Accused In Pitt, CMU Lawsuit Asks For $1M For Horse Farm

A man accused of stealing $500 million from investors, including the University of Pittsburgh and Carnegie Mellon University, asked a judge for almost $1 million on Tuesday.

Money manager and investment fraud suspect Paul Greenwood asked a judge to free up nearly $1 million in assets to run his horse farm in Westchester County, N.Y.

The money included $60,000 for hay; $170,000 for a veterinarian, a blacksmith and other workers; and $40,000 for landscaping.

Greenwood and business partner Stephen Walsh are charged with securities and wire fraud.

Federal investigators said Greenwood and Walsh took $553 million with bogus claims of a successful investment strategy. The men are accused of spending $160 million of the money on themselves.

Carnegie Mellon is suing for $45 million that it invested in Greenwood’s investment group. Pitt is suing for $65 million in investments.

Prosecutors said Greenwood lived large on other people’s money, and they said giving more investor money to his horse farm would be wrong. The judge in the case agreed.

Previous Stories: February 25, 2009: Millions Of Pitt, CMU Investment Money Missing February 23, 2009: Pitt, CMU File Suit For $114M Against Investment Group