Former CFO of Westport hedge fund pleads guilty to embezzling $1M
Published 12:44 pm, Wednesday, October 17, 2012
The former chief financial officer of a Westport hedge fund pleaded guilty Tuesday to embezzling more than $1 million form his employer.
Darrin Foster, 46, formerly of the Bronx, N.Y., pleaded guilty at U.S. District Court in New Haven to one count of wire fraud related to an embezzlement scheme that lasted from September 2004 to July 2010, according to David Fein, the U.S. attorney for Connecticut.
Foster rang up personal charges of more than $1.09 million on his corporate credit card and then transferred money from his employer's bank accounts to pay for it, according to the indictment.
Fein did not disclose what the money was spent on, not did he identify the Westport business. A call to a hedge fund that Foster has been linked to was not immediately returned.
Foster, released on a $500,000 bond, has been under electronic monitoring since June 7.
He had evaded investigators probing the alleged embezzlement for nearly two years, though he was not indicted until two months before his May arrest in Yonkers.
According to multiple news reports, Foster's car broke down in New York and a state trooper stopped to help him. Foster gave a false name to the officer, who eventually discovered he was wanted and was driving an unregistered car.
Foster is scheduled to be sentenced Jan. 7 and faces a prison sentence of up to 20 years.