Former CFO faces sentencing for hedge fund theft

NEW HAVEN, Conn. (AP) — A New York man faces sentencing for embezzling more than $1 million from a hedge fund in Westport where he was chief financial officer.

Darrin Foster, formerly of the Bronx, is scheduled to be sentenced Thursday in U.S. District Court in New Haven. He pleaded guilty in October to wire fraud.

Prosecutors say that from about September 2004 to July 2010, Foster made thousands of unauthorized charges for personal expenses on his employer's American Express account.

Prosecutors say Foster spent the money on luxury car rentals, restaurants, clothing at Saks Fifth Avenue and travel. Authorities say he remained behind on child support payments at the same time.

His lawyer says in court papers he's ashamed of his conduct and genuinely remorseful. He faces about four years in prison under sentencing guidelines.