The former chief financial officer of a Miami Beach-based hedge fund has pleaded guilty to securities fraud after admitting to stealing more than $3m from his employer over a four-year period, accorfing to a report by Bloomberg.
Theodore Woo, 49, admitted in federal court that he used his position to authorise fraudulent payments to companies he controlled and charged personal expenses to the hedge fund’s corporate credit cards, according to prosecutors.
The hedge fund was not identified in the criminal case, although US Securities and Exchange Commission filings indicate Woo worked for Windward Management LP.
Prosecutors said Woo made more than 100 unauthorised cash transfers between 2022 and March 2026, when he was dismissed. Some of the payments went to companies and bank accounts under his control, including Deadpool LLC, which allegedly received funds for purported research consulting services.
Woo also used the firm’s credit card to cover personal spending, including $2,440 at an adult entertainment venue, a $4,059 trip to Paris and $10,575 for two round-trip flights to Brazil, according to the prosecution.
The alleged fraud came to light earlier this year after the hedge fund’s chief investment officer was alerted to suspicious research-related charges identified by the firm’s outside auditor.
Manhattan US Attorney Jamie McDonald accused Woo of abusing the trust associated with his senior finance role and using company funds for personal benefit.
Woo faces a maximum sentence of 20 years in prison when he is sentenced in November. He was released on a $100,000 bond following his guilty plea.
Woo’s lawyer reportedly did not immediately respond to requests for comment, while the hedge fund also did not immediately comment on the guilty plea.
