Posted by Aliyah Ponton.
A former executive, Andrew Caspersen, at a New York investment bank admitted swindling investors of more than $38 Million. As a result, he was sentenced to four years in prison. During court he told the U.S. District Judge, Jed Rakoff, “I chose gambling over everything.” The Judge cited his gambling as a reason for leniency. Andrew Caspersen is 40 years old and is a graduate of Princeton University and Harvard Law School. He also defrauded his job, PJT Partners Inc., of over $8 Million.
Caspersen is the son of the late Finn M.W. Caspersen, who was a philanthropist and former chief executive of Beneficial Corp. “I destroyed my family’s name,” said Caspersen. In the court room it was packed with family and friends as well as members of organization he has joined. Many of his friends and families argued for leniency to the judge. Rakoff imposed Caspersen’s prison term by giving him way less then the 15 years that was entitled for by the sentencing guidelines and also less than the 7 ½ years recommended by the Probation Department.
Caspersen stole from his friends, family, and from investors. He took advantage of his Wall Street pedigree and even stole from charities. “Using his Wall Street pedigree, Andrew Caspersen deceived and defrauded investors – including his own family and friends and a charity – out of tens of millions of dollars,” said the U.S. Attorney Preet Bharara. When faced by the judge Caspersen said that he was dedicated to continuing treatment for his gambling addiction but Assistant U.S. Attorney Christine Magdu said Caspersen failed to follow through with his gambling addiction treatment. She also added that Caspersen quit therapy after only seven sessions. In the end, after going to court and fighting for leniency, Caspersen was sentenced to 4 years in prison.
Aliyah is an accounting major at the Feliciano School of Business, Montclair State University, Class of 2019.
Source:
http://news.findlaw.com/apnews/feb61e4e2ac8475b9110b70ba45e9928
http://abcnews.go.com/US/wireStory/executive-ny-bank-years-prison-38m-fraud-43313982