Friday, 19 December 2014
Last updated 53 min 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.