Paul Greenwood, the former North Salem supervisor accused of draining his investment companies of millions of dollars to fund a lavish lifestyle pleaded guilty Wednesday morning in federal court in Manhattan to the securities fraud charges.
His lawyer, Frederick Hafetz, said Greenwood has signed a deal to cooperate with prosecutors. Greenwood, 63, faces up to 85 years in prison; he also has agreed to forfeit more than $300 million.
He is charged with conspiracy to commit securities fraud and wire fraud, securities fraud, commodities fraud, two counts of wire fraud, and money laundering.
Greenwood pleaded guilty to the entire indictment.
He is also accused of misleading investors - mostly large pension funds, universities and other institutions - in part by creating and asking others to create false account statements that were sent to clients to reflect fictitious returns consistent with what had been promised to those clients.
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