{"id":46225,"date":"2015-01-30T08:36:07","date_gmt":"2015-01-30T13:36:07","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=46225"},"modified":"2015-01-30T08:51:14","modified_gmt":"2015-01-30T13:51:14","slug":"connecticut-hedge-fund-manager-admits-to-embezzling-9-million","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2015\/connecticut-hedge-fund-manager-admits-to-embezzling-9-million.html","title":{"rendered":"Connecticut Hedge Fund Controller Admits To Embezzling $9 Million"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2015\/01\/Embezzle-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-46233\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2015\/01\/Embezzle-1.jpg\" alt=\"Embezzle-1\" width=\"300\" height=\"278\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2015\/01\/Embezzle-1.jpg 500w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2015\/01\/Embezzle-1-300x278.jpg 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>New York (HedgeCo.Net) &#8211; Lawrence Herzing, the the former controller of hedge fund Contrarian Capital Management has pleaded guilty to one count of wire fraud stemming from his theft of more than $9 million from Contrarian, Reuters reports.<\/p>\n<p>Contrarian Capital Management said in a statement to Bloomberg that no current or former clients would be affected by Herzing\u2019s activity.<\/p>\n<p>The Department of Justice said that on 32 occasions between 2004 and 2013, Herzing used his position to wire $9,202,417.54 from his employer to accounts that he controlled. He was arrested on October 29, 2014, and currently is released on a $5.6 million bond.<\/p>\n<p>Herzing&#8217;s sentencing is scheduled for April 24, 2015, at which time he faces a maximum term of imprisonment of 20 years, a fine and an order of restitution. Herzing also has agreed to forfeit his residence and approximately $1.8 million.<\/p>\n<p>Contrarian Capital Management&#8217;s portfolio invests in global distressed opportunities including; bank debt, trade claims, senior bonds, debt backed by real estate, direct \u201crescue\u201d financing, and post reorganized equity.<\/p>\n<p>Alex Akesson <br \/>Editor for <a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a> is a premier <a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a> and community for qualified and accredited investors only. Membership in <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Lawrence Herzing, the the former controller of hedge fund Contrarian Capital Management has pleaded guilty to one count of wire fraud stemming from his theft of more than $9 million from Contrarian, Reuters reports. Contrarian Capital [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,12,3],"tags":[],"class_list":["post-46225","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedge-fund-regulation","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/46225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=46225"}],"version-history":[{"count":7,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/46225\/revisions"}],"predecessor-version":[{"id":46241,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/46225\/revisions\/46241"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=46225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=46225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=46225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}