The Glamorous Personal Assistant and Her Hedge Fund Boss’ Amex Cards

Nearly one million dollars later, Ukrainian beauty Renata Shamrakova admitted in Manhattan Supreme Court to embezzlement while working as the personal assistant to hedge fund manager Todd Meister.

You worked hard for your MBA, saved and networked to start your own hedge fund and now it's time to treat yourself by hiring a breath-taking personal assistant to break up the monotony of staring at six screens displaying Microsoft Excel all day.

Think again, boss.

Renata Shamrakova admitted to embezzling nearly $1 million from her hedge fund manager boss Todd Meister and agreed to pay back $821,000 over the next two years in order to avoid serving 15 years in jail for identity theft and other charges.

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Since her arrest in February 2012, Shamrakova said that the money was gifts from an office romance with Meister, the former husband of tabloid socialite Nicky Hilton. According to the Daily Mail, Paris Hilton's former brother-in-law denies the affair.

The 28 year-old stunner took the funds to start her own jewelry curating business -- under the flea-market caliber name Karat & Ice -- where she bought thousands of pieces of jewelry which she later flipped online. She admitted to paying off the two American Express cards, which she used for her shiny start-up, by writing checks from Meister's JPMorgan account without his knowledge.

According to toddmeister.com, Meister is chairman and CEO of Meister Company where he claims to own controlling and minority interests in various environmental companies. The include Green Partner, Pridemark Management, Radius Investments among other firms.

While Shamrakova won't be going to jail, she still has to pay nearly $1 million in damages over the next two years. According to news reports her parents have had to sell their upstate home to cover their daughter's folly.

This is sad but you really need to check out the pictures in The Daily Mail. I mean, come on!

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Phil Albinus is the former editor of Advanced Trading and he currently edits the FierceFinanceIT newsletter. Follow him on Twitter at @philalbinus. Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining Advanced Trading, he served as editor of Waters, a monthly trade journal ... View Full Bio