Bronxville Financial Expert Charged with Bilking $95M from Investors

A former managing principal at a private equity firm was arrested for allegedly bilking $25 million from a charity.

Andrew Caspersen, 39, of Bronxville, was in court in Manhattan Monday, where he was released on bond in the amount of $5 million, according to lohud.com.

According to a press release from Preet Bharara, U.S. Attorney for the Southern District of New York, Caspersen, who has since been fired from his position at Park Hill Group, allegedly fraudulently solicited investments in securities.

Bharara said he falsely represented he had the authority to conduct deals on behalf of his employer with another private equity firm.

Allegedly no investments were made.

Caspersen, the charge said, converted about $24.6 million from a charitable foundation for his own use, eventually losing most of it as a result of aggressive trading.

All told, he is accused of defrauding investors of over $95 million.

Caspersen is charged with one count of securities fraud and one count of wire fraud, each of which carries a maximum sentence of 20 years in prison.

The maximum fine on the counts is $5 million.

Lohud.com said the Securities and Exchange Commission also filed similar charges in civil against Caspersen.

For the complete article at lohud.com, go here.

Read Bharara’s full press release here.