State receives $215 million in partial recovery from Westbridge case
Attorney General Tom Miller announced that a court-appointed receiver today transferred more than $215 million to the state of Iowa as a partial recovery in the Westbridge Capital Management fraud case.
In 2009, the two principals of WG Trading Co. and Westbridge were indicted in federal court and charged with misappropriating institutional investor capital.
The Iowa Public Employees’ Retirement System (IPERS) made investments in Westridge in 2007 and 2008. The recovered $215 million represents approximately 85 percent of IPERS’ remaining principal investment.
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