Friday, 30 January 2015
Last updated 2 hours ago
Mar 15 2013 | 12:36am ET
A former hedge fund CFO has been sentenced to almost three-and-a-half years in prison for stealing more than $1 million from his firm.
Darrin Foster pleaded guilty to embezzling the funds from Turkel Investments in October. Prosecutors said he made thousands of unauthorized charges for personal expenses on his corporate American Express card and paid the bills from the hedge fund’s bank accounts. Foster, who worked at Turkel from 1993 through 2010, ran the fraud from 2004 through 2010.
Among the things Foster had the hedge fund pay for were expensive car rentals, vacations, meals and electronics.
Foster was sentenced to 41 months in prison by U.S. District Judge Janet Bond Arterton in New Haven, Conn., followed by three years of supervised release.
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…