$114M in University Funds at Risk in Investment Fraud

Carnegie Mellon University and the University of Pittsburgh together had about $114 million in investments under the control of Westridge Capital Management, whose managers have been charged with swindling $500 million from the fund to support lavish spending habits, including spending on teddy bears, horses and rare books, The Pittsburgh Post-Gazette reported. The two universities are trying to determine their losses and their options.