Bronx Man Embezzled More Than $1 Million
The former chief financial officer of a Westport hedge fund pleaded guilty Tuesday at U.S. District Court in New Haven to embezzling more than $1 million from his former employer.
Darrin Foster, 46, of Bronx, NY, pleaded guilty to one count of wire fraud. He faces up to 20 years in prison, and he is scheduled to be sentenced January 7, 2013.
From September 2004 to July 2010, Foster was chief financial officer (CFO) of a Westport-based hedge fund, and he had access to his employer's American Express account, prosecutors allege. He made thousands of dollars of unauthorized transactions with the card and then paid for the balances with the hedge fund's bank account, according to prosecutors.
Foster embezzled a total of 1,093,856 through this scheme, prosecutors allege.
New York State Police arrested Foster in Yonkers, NY on May 27, 2012, and he has been detained since his arrest.
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