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Ex NY Islanders partial owner pleads guilty in investment fraud; admits misappropriating money

A former partial owner of the New York Islanders has pleaded guilty to securities fraud.

Stephen Walsh entered the plea Friday in Manhattan federal court. The 69-year-old Sands Point resident admitted participating in a fraud from 1996 to 2009.

At the time, he operated a securities business with Paul Greenwood of North Salem, Conn. The businesses included Greenwich, Conn.-based WG Trading Co. LP and Westridge Capital Management Inc. in Santa Barbara, Calif.

Authorities said the men misappropriated hundreds of millions of dollars. Their clients included charitable and university foundations and pension plans.

Prosecutors say the men made millions of dollars in illegal wire transfers from client accounts. They say Greenwood bought horses and collectibles and Walsh bought an apartment and provided cash to his ex-wife.

Greenwood previously pleaded guilty.

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