Banker accused of stealing $25m seemed to have it all

Office Politics: A Rise to the Top

Out of work and charged with what federal prosecutors describe as a brazen fraud.

Andrew Caspersen, the banker accused of stealing $25m, seemed to have it all, at least on paper.

Bloomberg News reports that Scion of a family that built and sold a finance company for billions, Caspersen went from Princeton University to Harvard Law School, where students can read rare books in the Caspersen Room or study in the Caspersen Student Center.

Until Monday, he was a managing director at PJT Partners. He earned more than $3m a year, prosecutors said in court, helping private-equity funds restructure.

Now Caspersen, 39, is out of work and charged with what federal prosecutors describe as a brazen fraud. According to the Manhattan U.S. attorney’s office, he invented a fake "credit facility" that promised high returns and duped a hedge-fund manager into wiring him millions last year, most of it from a charitable foundation. He gambled it away betting on stock options in just four weeks, according to the criminal complaint. In all, Caspersen is accused of scheming to defraud investors of more than $95m.

To access the complete Bloomberg News article hit the link below:

Banker Accused of $25 Million Fraud Arose From a Gilded Legacy

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