A federal appeals court in Manhattan Thursday vacated the 10-year sentence imposed on former New York Islanders co-owner Paul Greenwood for a massive investment fraud and ordered him resentenced.
Greenwood, 68, had cooperated with the government after he was implicated with former Islanders executive Stephen Walsh in issuing bogus promissory notes to cover $554 million in losses and diverting $80 million to fund a lifestyle that included a horse farm, expensive stallions and collectible teddy bears.
He was sentenced in December 2014 by Manhattan U.S. District Judge Miriam Cedarbaum, who said in part that despite his cooperation and efforts to recover money for investors, a “number of people” lost “many thousands of dollars” that was “very devastating for many of them.