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Hedge Fund Controller Sentenced to 4 Years for $9 Million Embezzlement
LAWRENCE J. HERZING, a 45-year-old Greenwich resident, has been sentenced to 48 months in prison for embezzling more than $9 million from the hedge fund where he worked.
According to court documents, HERZING used his position as controller of Contrarian Capital Management, L.L.C. to wire $9,202,417.54 from his employer to accounts he controlled on 32 occasions between 2004 and 2013.
HERZING was arrested on October 29, 2014, and pleaded guilty to one count of wire fraud on January 29, 2015. U.S. District Judge Jeffrey Alker Meyer handed down the sentence in Bridgeport.
As part of the sentence, HERZING has been ordered to pay full restitution and forfeit his residence and funds seized from his accounts, totaling more than $5 million. The Federal Bureau of Investigation, with the assistance of the Greenwich Police Department, investigated the case.
The case was prosecuted by Assistant U.S. Attorneys Heather Cherry and Jonathan Francis. HERZING’s scheme came to light after a lengthy investigation by the authorities.
HERZING’s sentence is a stark reminder of the consequences of white-collar crime. His actions have left a trail of financial devastation in his wake, and he will now face the consequences of his actions behind bars.
As the Grimy Times continues to investigate this case, it is clear that HERZING’s actions were nothing short of brazen and calculating. His sentence serves as a warning to others who would seek to engage in similar behavior.
Key Facts
- State: Connecticut
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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