Former Broker Andrew Caspersen Pleads Guilty to Fraud Charges
Meyer Wilson previously reported on Andrew Caspersen (CRD# 6149640) this April when he was charged with defrauding two institutional investors.
Now, former Park Hill Group LLC broker Andrew Caspersen (CRD# 6149640) has pleaded guilty to wire fraud and securities fraud.
The United States Securities and Exchange Commission (SEC) charged him with defrauding two institutions solicited in order to invest in a shell company controlled by Caspersen. While reading through his prepared statement in court, Caspersen admitted that the fraud, “was just a way for me to get money to feed a gambling addiction that was all-consuming at the time." According to Caspersen’s lawyer, his client had lost nearly $113 million through gambling on stock-option trades over a four week stretch earlier this year.
According to the SEC, he solicited around $95 million from investors by creating fake email addresses, invented fictional financiers, set up misleading domain names, and claimed that investors would see a 15 to 20 percent return on investment in interest. Caspersen will be sentenced on November 2, 2016 by U.S. District Judge Jed Rakoff.
If you lost money investing with former Park Hill Group broker Andrew Caspersen, contact the securities fraud at attorneys at Meyer Wilson for a free case consultation today. All of our cases are handled on a contingency fee basis, so you won’t owe us any legal fees unless we can help you recover your losses.