- Associated Press - Thursday, January 7, 2016

NEW YORK (AP) - A federal appeals court has ordered a new sentencing for a former money manager and one-time partial owner of the New York Islanders serving a 10-year sentence for financial fraud.

The 2nd U.S. Circuit Court of Appeals in Manhattan said Thursday that a judge wrongly based the sentence in part on a finding that Paul Greenwood had left some individuals financially devastated. Prosecutors say there is no evidence a specific victim was devastated by the fraud. Investors included pension and retirement plans.

The 68-year-old Greenwood, due for a November 2023 release, pleaded guilty in 2010 to securities fraud. He admitted cheating charities, schools and others out of hundreds of millions of dollars. He used a portion of the money to buy collectible teddy bears and $100,000 in horses.

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