Monday, 2 March 2015
Last updated 9 min ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…