Banker Gets 4 Years In Prison For Stealing $38M To Fund Gambling HabitGovernment Said Banker Ran 'Ponzi-Like Scheme' |
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A former Wall Street banker has been sentenced to prison for a $38 million scam that he said was orchestrated to fund his gambling addiction.
The Department of Justice said Friday that Andrew Caspersen received four years in prison from a Manhattan federal court judge. Caspersen pleaded guilty in July to one count of securities fraud and one count of wire fraud.
In addition to defrauding investors of $38 million, he also misappropriated more than $8 million from his former employer. The government called it a “Ponzi-like scheme.”
He attempted to defraud more than a dozen investors of nearly $150 million.
According to the New York Post, a gambling addiction expert testified for two hours at Caspersen’s sentencing. The judge reportedly was skeptical of the defense at first.
“I have committed serious crimes and fraud, and I have no one to blame but myself,” Caspersen said at the hearing. “It wasn’t until outer forces intervened, put me in jail, put me in a psych ward, that I learned enough was enough.”
The 40-year-old also received three years of supervised release.
Caspersen’s sentencing came just days after poker player Travell Thomas pleaded guilty in New York federal court to also stealing some $38 million to fund gambling trips, among other things.
Thomas will be sentenced on Feb. 10, 2017. He’s facing up to 40 years in prison, but his plea deal will likely have him serving much less. He pleaded guilty to one count of conspiracy to commit wire fraud and one count of wire fraud.
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