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Ex-Westport Hedge Fund Exec Foster To Serve 41 Months In Prison

WESTPORT, Conn. – The former chief financial officer of a Westport hedge fund was sentenced to 41 months in federal prison Thursday for embezzling more than $1 million from his employer over a period of six years, U.S. Attorney David Fein announced.

As the firm’s CFO, former Bronx resident 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 the statement.

From September 2004 to July 2010, Foster made thousands of unauthorized personal charges on his employer’s American Express and later paid the bills with money from the company’s bank accounts, Fein said.

Through the scheme, Foster made a total of $1,093,856 in unauthorized personal charges, Fein said. Foster was arrested by New York State Police in Yonkers last May and charged with one count of wire fraud. He pleaded guilty to the charge last October .

Foster was sentenced Thursday in New Haven by U.S. District Judge Janet Bond Arterton. His prison sentence will be followed by three years of supervised release, Fein said.

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