US - The North Dakota State Investment Board (SIB) has axed Westridge Capital Management, whose principals were arrested for alleged fraud last month.
In late February, the FBI arrested Paul Greenwood and Stephen Walsh - principals of both WG Trading and Westridge Capital Management (WCM) - on charges of conspiracy, securities fraud and wire fraud charges. The two are accused of allegedly scamming $554m from investors. Because of the accusations of fraud and mismanagement, the firms' assets have been frozen leaving investors waiting to recoup funds.
SIB officials said: "The SIB and staff continue to follow developments and will take further action, including legal action, if necessary to recover asset."
North Dakota is the most recent pension fund to come forward with losses. The Iowan Public Employees Retirement System invested $334m with Westridge; Carnegie Mellon University and the University of Pittsburgh invested $114m; the Sacramento County Employees Retirement System had invested $52m and the San Diego County Employees Retirement Association also reported a loss.
Callan Associates serves as the SIB's general consultant
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