David Newmark, 39, of Towaco, New Jersey, pleaded guilty to embezzling more than $10.4 million from Columbus Hill Capital Management LP, where he had been employed as chief financial officer. According to prosecutors, over a period of over 3 years, from February 2008 to March 2011, Newmark siphoned funds from the firm by depositing monies to a phony account he created for his own benefit. Newmark pleaded guilty to wire fraud and tax evasion charges and is due to be sentenced on April 24, 2011. Prosecutors said Newmark had a serious gambling problem.
Read the story here and here.
This one is a good candidate for the top 10 of the year...
Update (6/7/12): Newmark has been sentenced to 54 months in prison.
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