Friday, July 8, 2016

Ex Wall Streeter Takes $25 million From Foundation


by Gary Snyder

A Wall Street scion and former private-equity manager pleaded guilty Wednesday to cheating investors, including an industry peer’s charitable foundation, out of more than $38 million to feed what he called an uncontrollable gambling habit, Reuters reports. Andrew Caspersen’s chief victim was the Moore Charitable Foundation, headed by hedge-fund billionaire Louis Bacon, which lost some $25 million in the fraud scheme.
Mr. Caspersen, the Princeton- and Harvard-educated son of the late financier and philanthropist Finn M.W. Caspersen, agreed to forfeit $45 million as part of his guilty plea to wire and securities fraud. Prosecutors said that while working for Park Hill Group, a private-equity arm of investment bank PJT Partners, he solicited investments he claimed would fund loans to private-equity firms.
“It was just a means for me to get money to feed a gambling addition that was all consuming at the time,” a tearful Mr. Caspersen said in federal court. Sentencing was scheduled for November 2. (source)
Nonprofit Imperative gathers its information principally from public documents...some of which are directly quoted. Virtually all cited are in some phase of criminal proceedings; some have not been charged, however. Cites in various media: Featured in print, broadcast, and online media outlets, including: Charity Navigator, Vermont Public Radio, Miami Herald, National Public Radio (NPR), Huffington Post, The Sun News, Atlanta Journal Constitution, Wall Street Journal (Profile, News and Photos), “Betrayal”, (a movie), NBC (on Charity Fraud…TBD), FOX2, ABC Spotlight on the News, WWJ Radio, Marie Claire, Ethics World, Aspen Philanthropy Newsletter, Harvard Business Review, Current Affairs, Charity Navigator, The Chronicle of Philanthropy, St. Petersburg Times, Board Room Insider, USA Today Topics, Accountants News, Newsweek.com, Responsive Philanthropy Magazine, New York Times, Portfolio Magazine, The Virgin Islands Daily News, NANKAI (China) BUSINESS REVIEW, National Religious Broadcasters newsletter, The Charity Governance Blog, American Chronicle, Palm Beach Post, Detroit Free Press, Oakland Press, Nonprofit World, Socially Responsible Business Forum, PNNOnline, Ohio Nonprofit Resources, Nonprofit Good Practice Guide, Nonprofit Startup Guide, Nonprofit Blog, National Coalition of Homeless Newsletter, Finance and Administration Roundtable Newsletter, MichiganNonprofit.com, CORP! Magazine, Crain’s Michigan Nonprofit, ncrp.org, PhilanTopic, Nashville Free Press, Nonprofit Law Blog, Seniors World Chronicle, Carnegie Reporter, Assoc. of Certified Fraud Examiners Examiner, msnbc.com, Worchester (MA) Telegram and Gazette, Carnegie Corporation of America, EO Tax Journal, Wikipedia: Non-profit Organizations; Parent: Wise Austin, Accountants News, Veterans Today, Answers.com, Far-roundtable, #Nonprofit Report, nonprofithelpnews, nonprofit news; National Enquirer, Northwest Herald, The HelpWise Daily, The #Nonprofit Report, Wikipedia (Nonprofit Organization), Answers.com, Nonprofits: On the Brink (2006) Silence: The Impending Threat to the Charitable Sector (2011)
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