Lawrence J. Herzing, 45, of Greenwich, was sentenced on April 24 in Bridgeport to 48 months of imprisonment, followed by three years of supervised release for embezzling more than $9 million from the hedge fund where he was employed.
Herzing, who pleaded guilty to one count of wire fraud on Jan 29, 2015 was arrested on Oct. 29, 2014. Judge Meyer ordered Herzing to pay full restitution. Herzing has forfeited his residence and funds seized from his accounts, totaling more than $5 million.
According to court documents and statements made in court, Herzing was employed as the controller of Greenwich-based Contrarian Capital Management, LLC. 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. The sentencing was announced on Monday by Deirdre M. Daly, United States Attorney for the District of Connecticut.
This matter was investigated by the Federal Bureau of Investigation, with the assistance of the Greenwich Police Department. The case was prosecuted by Assistant US Attorneys Heather Cherry and Jonathan Francis.