Boutique banker allegedly bilks charity
Andrew W.W. Caspersen, 39, a former partner at PJT Partners' Park Hill Group, was arrested on March 28 on charges that he stole $25 million from investors and tried to fraudulently obtain $70 million more, according to the Reuters article,
Partner at N.Y. boutique bank PJT accused of securities fraud, by Nate Raymond and Koh Gui Qing. He's been charged with securities fraud and wire fraud.
According to the article, prosecutors said Caspersen sought $24.6 million from a charitable foundation affiliated with a New York hedge fund along with $400,000 from one of the fund's employees. He claimed he would invest the money in a secured loan to a private equity fund. Instead, he allegedly used it for personal options trading; he lost $14.6 million in the process. He used other funds to cover up unauthorized wire transfers at his company.
Caspersen, a graduate of Princeton University and Harvard Law School, was arrested on March 27 and released on a $5 million bond following a court hearing the next day, according to the article.
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