Wednesday, February 25, 2009

Big House Hat Trick for Islanders Owners

The Daily News reports that Paul Greenwood and Stephen Walsh, two members of the so-called Gang of Four ownership group that did Islanders fans no favors, were arrested on charges of securities fraud today. The charges accuse the Gang of Two of using investment funds from the University of Pittsburgh and Carnegie Mellon University to purchase such things as horses and luxury apartments for their own gain. The two universities are seeking the return of $114 million. This marks the third time that Islanders owners have faced significant fraud charges in that last 15 years. John Spano and Sanjay Kumar are already serving jail time. It's enough to make you wary of anyone with enough money to buy a professional sports franchise. Or, in Spano's case, not enough.


islesblogger said...

When I win Mega Millions one of these days, I would totally approach Wang with the interest of investing some of my hard WON money.

Never ceases to amaze me when it comes to businesses these days - yet we wonder why the economy is in the crapper.

Islanders Outsider said...

At least we could verify that you actually had the money!