Bronxville Financial Expert Pleads Guilty to Bilking Investors, Friends of $38M

Bronxville, NY — The Bronxville financial expert who was accused of bilking investors of more than $38 million admitted his guilt Wednesday.

Preet Bharara, U.S. Attorney for the Southern District of New York, said Andrew Caspersen, 39, pled guilty to one count of securities fraud and one count of wire fraud.

“Andrew Caspersen’s guilty plea today closes a sad chapter in a tale of deception and betrayal,” Bharara said. “Parlaying his privileged background, Caspersen concocted a wild fraud scheme that involved made-up private equity ventures, fake email addresses and fictional financiers. Through a litany of lies, Caspersen took millions from unwitting investors, including some of his own family and friends.”

Each count carries a maximum term of 20 years in prison. The maximum fine on these counts is $5 million, or twice the gross gain or loss from the offense, according to Bharara.

According to a press release, 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 nearly $150 million.

Caspersen is scheduled to be sentenced November 2, 2016.

To see the complete allegations, go here.