03/29/2009 05:12 am ET Updated May 25, 2011

Arrested Money Managers Stephen Walsh, Paul Greenwood Lived High On The Hog

For two decades, Paul Greenwood and Stephen Walsh looked like Wall Street wizards.

Their supposed investment prowess lured hundreds of millions of dollars from public pension funds and universities and earned the two lavish trappings of success: stately homes, a stake in the New York Islanders and, for Mr. Greenwood, a horse farm that once belonged to Paul Newman.

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