NEW YORK—A former Connecticut money manager has pleaded guilty to cheating charities, pension funds and others nationwide of at least $331 million.
Paul Greenwood entered the plea in federal court in Manhattan Wednesday in a cooperation deal that could win him leniency at sentencing. The 63-year-old North Salem resident would otherwise face up to 85 years in prison.
Greenwood admitted to using the money to operate a horse farm, improve his home and buy collectibles.
He said he carried out the fraud from at least 1996 through last year because he lost a lot of money in an investment in a company and tried to win it back to fully repay his investors.
Sentencing was set for Dec. 1.
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