GREENWICH, Conn. -- A 45-year-old man was sentenced to four years in federal prison for embezzling more than $9 million from the Greenwich hedge fund where he was employed as the controller.
Lawrence J. Herzing, of Greenwich, was sentenced April 24 by U.S. District Judge Jeffrey Alker Meyer in Bridgeport to 48 months in prison followed by three years of supervised release.
According to court documents and statements made in court, Herzing was employed as the controller of Greenwich-based Contrarian Capital Management. On 32 occasions between 2004 and 2013, he used his position to wire $9,202,417.54 from his employer to accounts that he controlled.
Meyer also ordered him to pay full restitution. Herzing has forfeited his residence and funds seized from his accounts, totaling more than $5 million.
He was arrested Oct. 29, pleaded guilty to one count of wire fraud on Jan. 29.
The case was investigated by the FBI with the assistance of the Greenwich Police Department. It was prosecuted by Assistant U.S. Attorneys Heather Cherry and Jonathan Francis.
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