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Hedge Fund COO Accused Of Stealing $250K
July 2, 2009
A 3V Capital Management executive has been charged with stealing a quarter of a million dollars from a hedge fund managed by his firm.
Mark Focht, chief operating officer of Greenwich, Conn.-based 3V, was charged with grand larceny and forgery. According to prosecutors, he forged an authorization form two years ago allowing him to withdraw the money from an account for the Pierce Diversified Strategy Master Fund, and forged more documents to cover it up a year later.
Focht allegedly used the stolen $250,000 to make a personal investment.
He faces up to 15 years in prison if convicted.
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