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Greenwich Hedge Fund Controller Accused Of Embezzling Millions

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GREENWICH, Conn. -- The controller of a Greenwich hedge fund is accused of embezzling millions from his employer, the U.S. attorney for Connecticut said.

Lawrence J. Herzing, 45, of Greenwich, was arrested Wednesday. Oct. 29, on a federal criminal complaint alleging that he embezzled millions of dollars from Greenwich-based Contrarian Capital Management.

On 32 occasions between 2004 and 2013, Herzing used his position as controller to wire funds from his employer to accounts that he controlled, said U.S. Attorney Deirdre M. Daly and Patricia M. Ferrick, Special Agent in Charge of the New Haven Division of the FBI.

Two fraudulent wire transfers specifically alleged in the complaint totaled more than $2.4 million.

After his arrest, Herzing appeared before U.S. Magistrate Judge William I. Garfinkel in Bridgeport. He was released on a $5.6 million bond, $2.6 million of which will be secured by his Greenwich residence.

The complaint charges Herzing with wire fraud, an offense that carries a maximum prison term of 20 years.

This matter is being investigated by the FBI with the assistance of the Greenwich Police Department.

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