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Komfie Manalo, Opalesque Asia:

Former Wall Street scion Andrew Caspersen on Wednesday pleaded guilty to one count of securities fraud and one count of wire fraud, by admitting to defrauding his friends, college classmates and even his own mother of more than $38m and misappropriating over $8m from his former employer.

U.S. Attorney Preet Bharara said in a statement that Caspersen’s guilty plea "closes a sad chapter in a tale of deception and betrayal."

Bharara stated, "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."

Amongst the victims of Caspersen is environmental charity group Moore Charitable Foundation, which was founded by hedge fund billionaire Louis Bacon, as well as James H. McIntyre, an employee of hedge fund Moore Capital Management. The 39-year-old fraudster was a former managing director at PJT Partners' private-equity arm, Park Hill Group. He was arrested in March and later charged formally in court.

Caspersen's sentencing is scheduled for November 2, 2016.

Caspersen’s gambling wiped out $113m in weeks

Last month, Bloom......................

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