The former finance chief at a Westport hedge fund pleaded guilty to embezzling more than $1 million from his employer by running up a huge personal tab on the company’s American Express card, federal prosecutors say.
Darrin Foster, formerly of Bronx, N.Y., pleaded guilty to one count of wire fraud before U.S. Magistrate Joan G. Margolis in New Haven, U.S. Attorney David B. Fein’s office said.
According to prosecutors, Foster had access to his unnamed employer’s bank accounts,from which he was supposed pay the company’s corporate American Express bills.
Instead, investigators say, from about September 2004 to July 2010, Foster helped himself to thousands of unauthorized charges for personal expenses on the corporate card and then paid the bill with company funds.
In all, he rang up $1,093,856.20 in unauthorized personal charges, authorities said.
Foster, jailed since his May 27 arrest, faces a maximum 20-year prison term when he is sentenced Jan. 7, officials said.
