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Former Controller Of Greenwich Hedge Fund Admits Embezzling $9 Million

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GREENWICH, Conn. -- A 45-year-old Greenwich man pleaded guilty Thursday, Jan. 29, to embezzling more than $9 million from the hedge fund where he was employed as a controller.

Lawrence J. Herzing pleaded guilty to one count of wire fraud before U.S. District Judge Jeffrey Alker Meyer in Bridgeport, said Deirdre M. Daly, the U.S. attorney for Connecticut and Patricia M. Ferrick, special agent in charge of the New Haven Division of the FBI.

According to court documents and statements made in court, Herzing was recently 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.

He was arrested Oct. 29 and currently is free on $5.6 million bond. For his bond, $2.6 million was secured by his Greenwich residence.

Sentencing is set for April 24, when Herzing faces a maximum of 20 years in prison, a fine and an order of restitution. He also has agreed to forfeit his residence and approximately $1.8 million.

The case was investigated by the FBI, with the assistance of the Greenwich Police Department.

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