SEC Bans Andrew Caspersen After $38M Financial Fraud

Andrew Caspersen is now permanently barred from the investment industry. The Securities and Exchange Commission announced the ban.

Caspersen, who used to be the managing principal at Park Hill Group and is the son of financier and philanthropist Finn M. W. Caspersen, had pleaded guilty to criminal charges of securities fraud and wires fraud. He admitted to bilking investors of over $38M and misappropriating over $8M. Park Hill fired him earlier this year.

The ex-Wall Street executive admitted to having a “gambling addiction” and his involvement in a scam to raise $95M. His fraud victims included family and friends. According to his attorney, Caspersen lost $123M by speculating on put options in the S & P index. His sentencing hearing is in November.

Caspersen signed a consent judgment in the SEC case, which accused him of offering investors promissory notes in Irving Place III SPV LLC. The shell company didn’t have actual operations, but its name resembled that of Irving Place Capital Partners III SPV, which was a real private equity fund. Among his victims were hedge fund billionaire Louis Bacon’s charitable foundation and another institutional client. Whether Caspersen will pay civil penalties, and disgorgement will be determined after his sentencing hearing.

At The SSEK Partners Group, we know the stakes are high when you are an institutional investor who has suffered losses due to fraud. It is important that you are represented by a securities firm that knows how to successfully handle these types of cases. Contact us today to request your free case consultation with one of our institutional investor fraud lawyers.

PE Banker Reaches SEC Deal over $95M Fraud, Law 360, September 7, 2016

Read the SEC Complaint (PDF)

Andrew Caspersen Pleads Guilty in Big Wall Street Fraud Case, CNBC, July 6, 2016