The former chief financial officer of a U.S. hedge fund pleaded guilty in connection with allegations that he embezzled more than US$3 million from the fund. In a U.S. district court in the Southern District of New York, former hedge fund executive, Theodore Woo, pleaded guilty to one count of securities fraud amid allegations that he used falsified invoices and charged personal expenses to the fund over several years. According to the charging information, Woo allegedly embezzled millions of dollars from the fund through a series of fraudulent transactions that involved improper payments to a couple of entities controlled by Woo for the purported provision of “research consulting services.” He also allegedly charged unauthorized personal expenses using credit cards that were paid by the fund, including charges to “adult entertainment establishments” and for international vacations. He is scheduled to be sentenced on Nov. 18.