Former Westport Hedge Fund CFO Pleads Guilty to $1M Fraud

Oct 17 2012 | 10:28am ET

The former CFO of a Westport hedge fund has pleaded guilty to wire fraud stemming from his embezzlement of more than $1 million from the firm.
 
Darrin Foster faces up to 20 years in prison when he is sentenced on Jan. 7, prosecutors said.

The Westport-based hedge fund was not identified in court documents, but the WestportNOW web site says Foster said in an internet posting that he was CFO for Turkel Investments from 1993 to 2010.

Prosecutors said that from about September 2004 to July 2010, Foster made thousands of unauthorized charges for personal expenses (worth over $1 million) on his employer’s American Express account, then paid them from the hedge fund's bank accounts.

Foster was arrested by the New York State Police in Yonkers on May 27 after a trooper who stopped for a disabled car in Westchester County discovered the driver was wanted by the Secret Service for an alleged wire fraud.
 


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of