Banker Gets 4 Years Prison Time for $95Mil Scheme to Feed Gambling Addiction

The Department of Justice said Friday that Andrew Caspersen received four years in prison from a Manhattan federal court judge.  He is accused of Defrauding investors out of an estimated $38 million in order to feed his gambling addiction related to marketing speculation.

Another $8 million in funds was misappropriated from his former employer, Park Hill Group, for which he was a partner.

In June 2016, the government filed additional charges, claiming that Caspersen actually received $63 million, mostly from family and friends. In the end, the US Government accused Caspersen of involvement in a "$95 million fraud scheme".

Caspersen was arrested in March 2016 while returning with his family from a Florida vacation.

In a statement at the hearing, Caspersen said: "The people I harmed were people I cared for the most. I could not be more sorry or ashamed for my crimes." It is possible that Casperson's "compulsive gambling addiction and mental illness" may be viewed as a mitigating factor in sentencing.

- Jagajeet Chiba, Gambling911.com