{"id":5941,"date":"2016-03-28T00:00:00","date_gmt":"2016-03-28T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/03\/sec_charges_new_york_man_with"},"modified":"2016-03-28T00:00:00","modified_gmt":"2016-03-28T05:00:00","slug":"sec-charges-new-york-man-with","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-charges-new-york-man-with\/","title":{"rendered":"SEC Charges New York Man With $95M Institutional Investor Fraud"},"content":{"rendered":"

The U.S. Securities and Exchange Commission is charging Andrew W.W. Caspersen and shell entity Irving Place III SPV, LLC with defrauding two institutional investors<\/a>, including a non-profit charitable affiliate of an investment limited partnership. Caspersen is a securities professional associated with a registered brokerage firm. He also is one of the sons of deceased financier Finn Caspersen. According to the SEC, Caspersen offered the two clients promissory notes that were issued by the shell entity, which he controlled. However, Irving Place III SPV, LLC lacked any business operations that were legitimate.<\/p>\n

The regulator contends that the New York securities professional obtained $25M from an institutional client last November by falsely representing that about $900 million of Irving Place III SPV\u2019s assets would be securing the investment. According to USA Today<\/em>, Caspersen told the investor, which was a charitable foundation, that he wanted to invest in an $80M credit facility that he said his firm had established to facilitate investments in the secondary market for private equities.<\/p>\n

The promissory note promised 15% yearly interest that was payable quarterly. The note was supposed to be totally redeemable within 90 days upon notice. After receiving the money, Caspersen allegedly took the money for his own use. He later used similar misleading and false statements to solicit another $20M from that investor and $50M from a NY private equity firm. This was after purportedly losing most of the $25M through high-risk options trading. Both times he was unsuccessful in obtaining the founds. In fact, the charitable foundation became suspicious and demanded that he return the $25M, which has yet to happen.<\/p>\n

\n<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission is charging Andrew W.W. Caspersen and shell entity Irving Place III SPV, LLC with defrauding two institutional investors, including a non-profit charitable affiliate of an investment limited partnership. Caspersen is a securities professional associated with a registered brokerage firm. He also is one of the sons of deceased financier […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3761,3741],"tags":[],"class_list":["post-5941","post","type-post","status-publish","format-standard","hentry","category-securities-and-exchange-commis","category-securities-fraud"],"yoast_head":"\nSEC Charges New York Man With $95M Institutional Investor Fraud — Investor Lawyers Blog — March 28, 2016<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission is charging Andrew W.W. 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