Pitt is in danger of losing millions to two scam artists!

Colleges and Universities A-Z University of Pittsburgh
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<p>I was very sad to read this article in the New York Times. It appears that the University of Pittsburgh stands to lose $65 million to this pair of evil fraudsters. Ouch! That's a big chunk of cash that won't be used to benefit Pitt. Carnegie Mellon was also apparently taken in. Sad, very sad. I hope there is a way to recover at least some of the money!</p>

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But unlike Mr. Madoff, who is accused of masterminding a global Ponzi scheme, Mr. Greenwood and Mr. Walsh simply stole their investors’ money, the authorities said. Their two firms, the WG Trading Company and Westridge Capital, misappropriated funds from a host of deep-pocketed investors, including state and city pension funds, Carnegie Mellon University and the University of Pittsburgh.

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Those involved include the Iowa Public Employees’ Retirement System, which invested $339 million with the pair; the University of Pittsburgh, which had invested $65 million; and Carnegie Mellon, which had invested $49 million. The universities first alerted the Securities and Exchange Commission that something was amiss.

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<p>Money</a> Managers Held in New Fraud Case - DealBook Blog - NYTimes.com</p>

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<p>Have to wonder how this will affect scholarships? Afterall, these schools generally invest the principle and use the earnings to fund the scholarships. They now have 65 million less principle and no income coming from it.</p>

<p>Somehow I feel there are going to be a lot more of these types of situations coming to light.</p>

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<p>will this mean they could accept more students? also does anyone know the email address for the office of admissions at pitt</p>