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WGTIWorking Group on Trade and Investment (Washington, DC)
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In court documents, the SEC has claimed Westridge's general partners, Stephen Walsh and Paul Greenwood "have used their clients money invested in WGTI [associated company WG Trading Investors] as their personal piggy-bank to furnish lavish and luxurious lifestyles, which include the purchase of multi-million dollar homes, a horse farm, cars, horses and rare collectibles such as Steiff teddy bears."
"The receiver's forensic accounting revealed a long history of WGTC's and WGTI's (WG Trading Investors, LP), practice of comingling funds, operating with utter disregard for corporate governance, and employing fraudulent accounting practices in an apparent attempt to conceal the true financial condition of the entities from investors, potential investors and, in the case of WGTC, its regulators," said the report.
According to the receiver's forensic investigation, WGTI had an income of US$70.3 million but paid interest, distributions, operating expenses, and other payments totaling to US$381.5 million during that same time period.