Fri, Jan 17, 2020
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

How a private equity scammer defrauded hedge fund charity, employees

Thursday, July 07, 2016

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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Other Voices: PFIC: what U.S. investment funds should be particularly aware of and newly proposed regulations[more]

    By: Kris Hatch, Idan Netser, Fenwick & West LLP U.S.-based venture capital and other funds that invest in foreign companies must be careful to avoid the passive foreign investment company (PFIC) rules, which could substantially increase the tax owed on exit for U.S. taxpaying investors. U.S. per

  2. Renaissance employees could face clawbacks over hedge fund's tax maneuver[more]

    Jim Simons's Renaissance Technologies LLC has produced the greatest investment returns of any hedge fund. Now, it also may be facing an unusually painful tax headache. Last week, Renaissance sent a letter to its current and former employees warning that the Internal Revenue Service could force them

  3. D.E. Shaw's Orienteer strategy posts double-digit returns this year, EcoR1 puts up big gains as the hedge fund scoops up biotech, Ex-hedge fund BlueCrest extends winning run with 50% gain[more]

    D.E. Shaw's Orienteer strategy posts double-digit returns this year From Reuters: D.E. Shaw's Orienteer platform, the backbone of the $50 billion investment firm's multi-asset class offerings, posted high double-digit returns this year, the best ever in its six year lifetime. The Orie

  4. PE/VC: Private equity takes a breather from investing in banks, 2019's 10 defining moments in venture capital, Another record year for PE secondaries amid more GP-led transactions, How 2019 became the best year in private equity's history[more]

    Private equity takes a breather from investing in banks From American Banker: FirstCapital Bancshares of Texas has aspirations of going public in the next couple of years and it's counting on the resources and expertise of private-equity backer Castle Creek Capital to help it realize that

  5. BlackRock's flagship hedge fund Obsidian returns more than 13% in 2019 after stumbling in August, Eiad Asbahi's Prescience Point gained more than 100% last year, Ray Dalio's most prominent fund suffers first annual loss since 2000, Sundheim's D1 posts strong gains[more]

    BlackRock's flagship hedge fund Obsidian returns more than 13% in 2019 after stumbling in August From Business Insider: BlackRock's 23-year-old Obsidian hedge fund bested the average hedge fund, returning more than 13% in 2019 even after losing money in August. The fund, manage