Ex-Columbus Hill Capital CFO Admits Embezzling $10.4 Million
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The former chief financial officer of Columbus Hill Capital Management LP, an investment management firm based in Short Hills, New Jersey, pleaded guilty to embezzling more than $10.4 million.
David Newmark, 39, admitted today in federal court in Newark, New Jersey, that he created a phony account to collect deposits that he stole from the company. Newmark, who pleaded guilty to wire fraud and tax evasion, agreed to forfeit the entire amount he stole.