Elsewhere online
March 29, 2016

Wall St. Scion Accused of Stealing $25 Million From Charity

A private-equity executive with family roots in the finance industry has been charged with scheming to defraud investors of $95 million, more than a quarter of it from an unnamed charitable organization, The Wall Street Journal and Bloomberg report.

Prosecutors allege Andrew Caspersen, 39, obtained $24.6 million from a foundation for a sham investment and lost it in his own aggressive options trading. He then attempted to solicit $20 million more from the charitable group and $50 million from another New York equity firm, according to a criminal complaint unsealed Monday.

Mr. Caspersen, the son of the late chairman of consumer-finance firm Beneficial, was arrested Saturday and released Monday on a $5 million bond. He was fired Monday by investment bank PJT Partners' Park Hill Group, where he was a managing partner and advised investors on buying and selling stakes in private-equity funds.