Tuesday, 29 July 2014
Last updated 19 hours ago
Sep 24 2009 | 2:40am ET
A former executive of a Connecticut hedge fund is going up the river for misappropriating more than $8 million and then stealing almost $1 million for good measure.
Mark Focht, who served as chief operating officer at Greenwich-based 3V Capital Management, was sentenced to 2⅓ to 7 years in prison by a state court judge in Manhattan yesterday. Last month, Focht pleaded guilty to a pair of counts of grand larceny as part of a plea deal with prosecutors.
Authorities say that Focht misappropriated more than $3 million from the 3V Capital Master Fund two years ago to fund an obligation to Argonaut Capital Partners. He also, between May 2006 and December 2007, misappropriated another $5 million to fund an obligation to Libertas Partners, which is affiliated with Argonaut.
But Focht wasn’t just in it for Argonaut and Libertas, according to prosecutors. He was also indicted for stealing almost $700,000 from 3V, as well as another $250,000 from a hedge fund the firm managed, Pierce Diversified Strategy Master Fund.
Focht, who apologized to his family at the hearing, had faced up to 25 years in prison if convicted of the most serious of the 20 counts against him.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…