Hedge Fund manager forced to sell teddy bears

(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.