(Paul Greenwood served as treasurer at St. James Episcopal Church in North Salem, New York and his wife was at one time a Sunday school teacher there also)--KSH.

Here in this tiny town of horse farms and rambling historic houses, town supervisor Paul Greenwood shared his wealth and was turning around the town, by some accounts.

But on Wednesday, the 61-year-old horse aficionado was arrested for an alleged investment scam, giving this small, elite town north of New York City a first-hand taste of the financial scandals rocking the country.

Mr. Greenwood and a partner at Westridge Capital Management, Stephen Walsh, were charged with conspiracy and wire fraud for an alleged scheme that may have cost investors at least $553 million. They are free on $7 million bond.

They also were sued by the Securities and Exchange Commission and the Commodity Futures Trading Commission. Prosecutors allege that client money was used for horses, homes, collectible teddy bears and other luxuries.

Read it all and there is more there also.

Filed under: * Anglican - Episcopal • Episcopal Church (TEC) • TEC Parishes • * Christian Life / Church Life • Parish Ministry • Stewardship • * Economics, Politics • Economy • Personal Finance • Stock Market

1. Jeffersonian wrote: But wait!  Isn’t one kind of spending just as good as another, as we’ve been solemnly told here?  Mr. Greenwood just needs to express this as investment and all will be well. February 28, 5:02 pm | [comment link]

2. robroy wrote: The stat page for the parish is here. It is clear that he wasn’t tithing. I imagine that the plate and pledge will be down a lot this year. February 28, 8:17 pm | [comment link]

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