NORTH SALEM, N.Y. -- The business partner of North Salem's former supervisor pleaded guilty to securities fraud on Friday, April 25, after the two men misappropriated hundreds of millions of dollars from a Connecticut-based business, according to LoHud.com.
Former North Salem Supervisor Paul Greenwood and his business partner Stephen Walsh used millions of dollars from WG Trading for personal use, then lied to investors about losses, LoHud.com said.
Greenwood resigned his position when he and Walsh were arrested in 2009. Greenwood pleaded guilty in 2010, LoHud.com reported.
With Walsh's guilty plea, both men now face sentencing and potentially lengthy prison sentences, LoHud.com said.