US: US eyes long prison term for Wall Street scion’s fraud

Author(s): Jonathan Stempel, Nate Raymond | Date: October 28, 2016 | Language: English
Source: http://www.channelnewsasia.com/ | URL: https://goo.gl/75tX5g | Type: Text

U.S. prosecutors on Thursday said Andrew Caspersen, the scion of a wealthy Wall Street family, should spend as long as 15-2/3 years in prison after he pleaded guilty to defrauding friends, family and a charity out of more than US$38 million.
In papers filed with the federal court in Manhattan, prosecutors said Caspersen, 40, who had worked at a unit of investment banker Paul Taubman’s PJT Partners Inc, abused the trust of his victims through his “long-running, significant and elaborate” fraud.
Prosecutors said the son of late Wall Street financier Finn M.W. Caspersen ran a Ponzi-like scheme from November 2014 to March 2016 to defraud more than one dozen investors, claiming he would use their funds to make loans to private equity firms.

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