Bowling Green State University officials confirmed today that the school has received $12.3 million in
restitution out of $15 million feared lost in an investment scam.
BGSU spokesperson David Kielmeyer said the payment amounts to 83 percent of funds thought to be lost
through an investment with the former Westridge Capital Management. Westridge managers, Paul Greenwood
and Stephen Walsh, were arrested in February 2009.
At the time the U.S. Securities and Exchange Commission alleged the partners had misappropriated more
than $553 million and had solicited more than $1.3 billion.
BGSU had $15 million invested with Westridge in a low-risk, cash enhancement fund. In 2009 the Securities
and Exchange Commission and the Commodity Futures Trading Commission filed enforcement actions against
Westridge in federal court in New York, and the U.S. Justice Department has filed criminal charges
against the firm’s partners for criminal conspiracy, securities fraud and wire fraud.
A number of other universities and large public pension funds were also victims of Westridge, including
Carnegie Mellon, the University of Pittsburgh, Ohio Northern University, Iowa public employees, North
Dakota public employees, San Diego County public employees and Sacramento County public employees.
According to Sheri Stoll, vice president for finance and administration, BGSU is cautiously optimistic
that more of its investment can be recovered.
"We are continuing to work with the court-appointed receiver and regulatory authorities to protect
the university’s interests and recover our investment," Stoll said.
