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Thursday, March 14, 2013

Ex Hedge Fund CFO Gets 41 Months in $1M Fraud

The former chief financial officer of a Westport hedge fund was sentenced today to 41 months in prison followed by three years of supervised release on a wire fraud charge stemming from his embezzlement of more than $1 million from the firm over almost six years, the U.S. Attorney’s Office said.

Darrin Foster: worked at Westport hedge fund. N.Y. State Police photo

Darrin Foster, 46, formerly of the Bronx, N.Y., was sentenced by U.S. District Judge Janet Bond Arterton in New Haven. He had pleaded guilty last October. (See WestportNow Oct. 16, 2012)

Court documents and statements made in court said Foster worked as the chief financial officer of a hedge fund based in Westport which they did not identify. Foster said in an Internet posting that he was CFO for Turkel Investments, 60 Church Lane, from 1993 to 2010.

As CFO, Foster had access to his employer’s bank accounts, was authorized to make business-related charges on the corporate American Express card and was entrusted to pay the American Express bill, the U.S. Attorney’s Office said.

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