Hedge Fund manager forced to sell teddy bears

| 07/10/2010

(FT.com): A disgraced hedge fund manager is to sell one of the world’s most valuable collections of teddy bears at a London auction alter this month Paul Greenwood, who pleaded guilty to fraud charges last year, will sell his £1.2m collection of Steiff teddy bears at Christies International on October 13, according to people familiar with the situation. Fred Hafetz, Greenwood’s lawyer, said the sale of the bear collection, which is rumoured to be 1,300-strong and contains some extremely rare examples had been approved by the receiver. Greenwood was charged in February 2009, with investment fraud and using funds invested by clients as a “personal piggy bank’’. Among the items purchased with that money were multimillion-dollar homes, a horse farm, cars and the teddy bears.

Greenwood’s collection of Steiff stuffed toys, which are made from mole hair and known for their durability, is thought to be among the world’s most extensive and spans the German company’s 107-year history. It contains the only remaining 1925 Harlequin Teddy bear, which is expected to fetch between £50,000 and £80,000 and other notable bears, such as the black “Titanic” Steiff bear.
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  1. Scrooge McDuck says:

    Oh my God.  This story is just too surreal.  The pain he must be going through.  Out of decency leave him at least one teddy.  Something to hold onto while he spends those days and weeks in prison! 

    Before he is set free to collect other people’s money from a Panamanian bank.