Andrew Caspersen, of New York, New York, a stockbroker formerly registered with Park Hill Group, LLC, has been barred by the Securities and Exchange Commission (SEC) from associating with any brokerage firms or investment advisories, or otherwise selling securities or providing investment advice to customers based on an SEC Order Instituting Administrative Proceedings Pursuant to Securities Exchange Act of 1934 Section 15(b), which contained findings that Caspersen engaged in securities fraud. In the Matter of Andrew W. Caspersen, File No. 3-17537 (Sept. 14, 2016).
According to the Order, on July 6, 2016, Caspersen pled guilty to having committed wire fraud and securities fraud via his part in a scheme which accumulated $38,500,000.00 from investors. Apparently, Caspersen made untrue investment based representations to customers and had pushed investments that did not exist. Caspersen was later enjoined for violating Securities and Exchange Act Section 10(b), SEC Rule 10b-5, and Securities Act of 1933 Section 17(a). Securities and Exchange Commission v. Andrew Caspersen, Civil Action No. 16-CV-2249 (S.D.N.Y. Sept. 9, 2016).
Prior to this point, the SEC filed a Complaint alleging that Caspersen created a shell company, Irving Place III SPV, which did not operate in any realistic fashion. Securities and Exchange Commission v. Andrew Caspersen, Civil Action No. 16-CV-2249 (Mar. 28, 2016). According to the Complaint, the company accumulated funds from customers via promissory note arrangements. In one case, a customer reportedly invested $25,000,000.00 in funds after Caspersen claimed that nearly $900,000,000.00 in Irving Capital Partners III SPV would serve as security for the customer’s funds. The Complaint alleged that Caspersen obtained the customer’s funds for his own personal gain. Consequently, the SEC claimed that Caspersen’s conduct was violative of Securities and Exchange Act Section 10(b), SEC Rule 10b-5, and Securities Act of 1933 Section 17(a).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Caspersen has been identified in two additional customer initiated investment related disputes containing allegations of his misconduct while he was associated with Park Hill Group, LLC. Particularly, on April 16, 2016, a customer filed an investment related written complaint involving his conduct, in which the customer requested $25,000,000.00 in damages based upon allegations that Caspersen stole funds from customers – at least one of which was a charitable foundation. Additionally, on October 21, 2016, a customer filed an investment related written complaint regarding Caspersen’s activities based upon allegations that Caspersen defrauded the customer via his solicitation of a bogus investment scheme.
Caspersen’s registration with Park Hill Group LLC was terminated on March 28, 2016, following the firm’s internal review of his activities, wherein he was alleged by the firm to have effected fraudulent private equity transactions.
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