Finance
A norskamerikansk manager tried to defraud customers, family and friends for nok 1.2 billion. Now he is doomed.
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the u.s. attorney in New York city took in march out the indictment against the norskamerikanske manager Andrew Caspersen (40) for fraudulent activity.
Caspersen was Friday this week sentenced to four years in prison. The manager has deceived investors, where sometimes close family and friends, for more than 38 million dollars, and embezzled his previous employer for 8.9 million dollars, arising there of the judgment. It corresponds, respectively, 314 and 70 million.
the Manager declared himself guilty of the two charges in July.
the 40-year-old was until march a partner in a prolific private oppkjøpsfond in Manhattan, but used among other fictitious people and fictitious email addresses to fool investors to invest in a postboksselskap with similar names, as Caspersen even controlled.
Powered by gaming addiction
Caspersen is now sentenced to four years in prison, as well as three years of supervision after release.
Prosecutors asked that the Caspersen should be sentenced to at least 15 years in prison, while Caspersens lawyer asked for a milder punishment. Defence counsel argued that the Caspersens actions were driven by gaming addiction.
the Judge in the case, Jed Rakoff, accepted the defence argument.
– There is not any purpose to let him rot in jail, he said according to The Wall Street Journal.
Caspersen told the court Friday that he has taken advantage of their most intimate relationship, due to his gaming addiction.
– I have lost their money, abused friendships, destroyed the family name to me and humiliated my wife, said Caspersen to a jam-packed courtroom, according to The Wall Street Journal.
Defrauded family and friends
the Fraud began according to the judgment in november 2014, and continued all the way to Caspersen was arrested in march 2016.
He has deceived the investors, close friends and family members by offering them to invest in secured loans to a private equity firm, and claimed that this would give them an annual return of between 15 and 20 per cent, arising there of the judgment. The money was instead used to verdipapirhandler on Caspersens own broker account, as well as to pay interest to earlier investors.
Caspersen has deceived the investors 38,5 million dollars, but has attempted to defraud more than a dozen investors of nearly 150 million dollars, according to the judgment. It corresponds to about nok 1.2 billion.
Underslo own employer
From January 2013 worked Caspersen for Park Hill Group (WITH). In July 2015 created manager a fake bank account in the name of “WITH Operating LLC”. The bank account should have been hidden to the employer. In the autumn of 2015 got Caspersen customers of WITH to transfer the payments of 8.9 million dollars to the fake WITH account, as Caspersen even controlled.
Park Hill, the fund Caspersen worked for, warned even the authorities after a internundersøkelse uncovered the fraud.
– Borders madness
Caspersen was released on bail Friday, and will begin his sentence in January. His lawyer Paul Shechtman said that Caspersen is now in treatment for his addiction and that he tries to improve himself, writes the WSJ.
In addition to Caspersen have met several of the people he has deceived, in order to explain and excuse their actions.
Schechtman says spillavhengigheten began when Caspersen studied at Princeton University, and that it was even more developed when he started at Harvard. Caspersen wasted large parts of all the family fortune on risky verdipapirhandler, before he later turned to friends and family to get them to invest.
In February this year, Caspersen at one time enough money to pay all the investors back, ” says the lawyer, according to the WSJ. Nevertheless, the selected Caspersen to put their money in the new options and lost everything.
– This handlemønsteret verges on madness, ” says Schechtman.
the Son of the famous financier
Caspersen was a partner in Park Hill, a so-called private equity company that was spun off from the finansgiganten Blackstone in 2013. It is today part of the listed PJT Partners.
The convicted 40-year-old is the son of the famous financier Finn M. W. Caspersen, who was the son of a Norwegian immigrant to the united STATES. Familieoverhodet was previously chairman of the board of finansforetaket Beneficial Corporation, which was sold with the big prize at the end of the 1990s. He should have been good for over one billion dollars, according to Reuters.
Both Caspersen and his brother studied at the prestisjeuniversitetene Harvard and Princeton. Their father donated large amounts to the two universities.
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