Ahluwalia, an executive at Hightower's private equity investor Thomas H. Lee Partners, will serve as president, while Bob Oros continues in his role as chairman and CEO of the company.
Christopher Turean used the money he embezzled from an unnamed client to gamble and pay down a home equity loan, according to the Department of Justice.
Investing in venture capital funds targeting tech start-ups carries high risks and requires a tolerance for decades of illiquidity. But all it takes is one outperforming company to make it worth it.