Thursday, 26 May 2016
Last updated 6 hours ago
Oct 31 2013 | 9:05am ET
After more than two months in jail for failing to pay his alimony, a former hedge fund analyst has been released.
Ari Schochet once made about $1 million per year—leading a family-court judge to order him to pay nearly $100,000 in alimony and child support per year. The only problem is, Schochet lost his job at Citadel Investment Group four years ago, and has had trouble finding a job since then. He owes nearly $250,000 in arrears.
A New Jersey judge on Tuesday ordered a stay in his incarceration, which has been part of a work-release program: Schochet leaves the Bergen County Jail for work each weekday, but spent his nights and weekend behind bars. It was his eighth time in jail for failure to pay alimony over the past two years.
Schochet currently holds an entry-level position, earning a fraction of his former salary.
"Being able to pay the alimony amount based on my old salary will be impossible to do," he told the Bergen Dispatch.