WESTPORT, Conn. – The former chief financial officer of a Westport hedge fund pleaded guilty Tuesday to embezzling more than $1 million from his employer, U.S. Attorney David Fein announced.
Darrin Foster, 46, 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, Fein said in a news release.
Between September 2004 and June 2010, Foster, a former resident of the Bronx, made thousands of unauthorized personal charges on the company’s American Express card and paid the balances with money from the company’s bank accounts, Fein said.
In all, Foster spent $1,093,856.20 of the company’s money on personal expenses, Fein said in the news release. He pleaded guilty Tuesday to one count of wire fraud and faces a maximum of 20 years in prison. He is set to be sentenced on Jan. 7.
Foster was arrested on May 27 by New York State Police. He was released on a $500,000 bond on June 7 subject to electronic monitoring.