On Tuesday, February 25, the two principals of Santa Barbara-based company Westridge Capital Management were arrested for embezzling more than $550 million in investor funds. Stephen Walsh, 64, and Paul Greenwood, 61, were charged with securities fraud, wire fraud, and conspiracy. According to a Securities Exchange Commission complaint, Walsh and Greenwood have, since 1996, been using client money “to furnish lavish and luxurious lifestyles.” Employees at the Carrillo Street office declined to comment.
Westridge Capital Owners Arrested
Stephen Walsh, 64, and Paul Greenwood, 61, Charged with Federal Financial Crimes