07/29/2010 04:58 pm ET Updated May 25, 2011

Hedge-Fund Manager Allegedly Swindled Universities Out Of Millions Of Dollars, Bought Mansions, Books, Collectible Teddy Bears

A former hedge-fund manager has pleaded guilty to criminal charges in an investment scam in which he bilked as much as $900-million from investors, including four university endowments.

In his plea, Paul R. Greenwood said on Wednesday that he and his partner, Steven Walsh, had spent money from the investment accounts on themselves and their family members. According to investigators, the two spent at least $160-million on mansions, horses, rare books, and an $80,000 collectible teddy bear. Mr. Walsh has pleaded not guilty, and Mr. Greenwood will testify against him at trial.

Read more on The Chronicle of Higher Education