Former Wall Street Executive Pleads Guilty to $38 Million Fraud

[kreslik.news]

Andrew Caspersen, a former Wall Street executive, has pleaded guilty to charges that he defrauded investors out of more than $38 million in a Ponzi-like scheme, blaming his conduct on a gambling addiction that he was unable to control.

Securities and Wire Fraud

Caspersen, a Princeton University and Harvard Law School graduate, was emotional in court as he admitted to cheating numerous people, mostly family and friends, through what he referred to as a “simple” fraud.

“It was just a means for me to get money to feed a gambling addiction that was all consuming at the time,” Caspersen said as he pleaded guilty in ... (read more)