Fugitive Greenwich financier to pay $64M for embezzlement

October 4, 2018

A federal judge ordered a Greenwich fugitive to repay $42 million to Oak Investment Partners he was found to have embezzled, approving as well a $21 million penalty and $1.5 million in interest on the moneys owed.

Iftikar Ahmed has been on the lam since May 2015 in his native India, with the Securities & Exchange Commission having obtained a prior judicial order for a freeze on assets valued at the time at $118 million.

In issuing the order, U.S. District Judge Janet Bond Arterton indicated multiple more issues need to be resolved in the case, including whether Ahmed’s assets should remain under the prior freeze order, with a hearing scheduled for Oct. 29.

Oak Investment Partners has offices in Greenwich, Norwalk and Palo Alto, Calif., with the firm investing in technology and energy companies. Oak partners include Ed Glassmeyer, who founded the firm in 1978 with Stewart Greenfield; and Ann Lamont, the spouse of Connecticut gubernatorial candidate Ned Lamont.

Includes prior reporting by Kaitlyn Krasselt and Jim Shay.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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