Ex-executive at investment bank charged in $95M fraud scheme

[Judi Lynn]

Source: Associated Press

Ex-executive at investment bank charged in $95M fraud scheme
Updated 5:25 pm, Monday, March 28, 2016

NEW YORK (AP) — A former executive at a New York investment bank has been arrested on charges he defrauded investors of more than $95 million.

Andrew Caspersen was charged Monday in Manhattan federal court with securities and wire fraud. Prosecutors say he scammed clients of PJT Partners Inc. into investing millions of dollars in sham private equity investments.

His lawyer did not immediately return a message seeking comment.

PJT Partners released a statement saying it was "stunned and outraged" to discover the fraud while Caspersen was a partner in its Park Hill Group.

Read more: http://www.chron.com/news/crime/article/Ex-executive-at-investment-bank-charged-in-95M-7213574.php

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[Dustlawyer]

1. He was stupid enough to steal from really rich people!

The smart ones steal from union or service employee pension funds, that way they never get prosecuted.

[sueh]

2. I hope there is significant jail time in his future.

[nitpicker]

3. Link to the SEC PR

http://www.sec.gov/news/pressrelease/2016-58.html

It states the actual defraudment was $25 million, and he attempted to get another $70 million.