Embezzling Hedge Fund Exec. Gets 41 Months In Jail

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.


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.