RENEE MONTAGNE, host: And now we bring you another alleged scam in the investment world. It was announced this week. Two New York fund mangers, Paul Greenwood and Stephen Walsh, have been charged with stealing over half a billion dollars from clients to support their lavish lifestyle. They reportedly used the money to buy rare books, horses, a teddy bear costing $80,000. That was, by the way, Steve, a collectible teddy bear.</s>RENEE MONTAGNE, host: The victims say they were told their money would be invested in an enhanced equity index and it would reap higher returns than the S&P 500, but it wasn't and it didn't. The alleged scheme lasted upwards of a decade and the money was taken from college funds, including Carnegie Mellon University and the University of Pittsburg, which of course all of which is serious business.</s>STEVE INSKEEP, host: I think my daughter would like to have the teddy bear when he's done with it. Eighty thousand dollars? Fine with me.
Federal authorities have charged two fund mangers in New York with conspiracy, securities fraud and wire fraud.