Man allegedly embezzled about $4M from investment firm secretly using line of credit to hide it

A Florida man has been arrested and charged for allegedly embezzling approximately $4 million from his employer, according to federal authorities.

Paul Schnitzer, 51, of Clermont, Fla., is charged with one count of wire fraud. Schnitzer was arrested this week and was an initial appearance in the Middle District of Florida. He will appear in federal court in Boston at a later date, according to federal authorities.

The company he allegedly embezzled from is Florida-based portfolio one owned by a Massachusetts investment firm...