Thursday, July 29, 2010

Teddy bear collector admits $331 million fraud

A former money manager pleaded guilty Wednesday to securities fraud, admitting that he cheated charities, schools, pension funds and others out of at least $331 million, using a portion of the funds to buy collectible teddy bears and to invest in $100,000 horses.

Paul Greenwood, 63, was the world's largest collection of Steiff toys.

According to a 2008 magazine article, Greenwood's collection of teddy bears included more than 1,350 Steiff toys. Among them were 74 bears plus birds, cats, insects, dinosaurs, kangaroos, seals, squirrels and many other types of stuffed animals.

Photo image of rare Steiff bear.

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