Monday, March 28, 2016

Former Blackstone-Park Hill Group Partner Defrauded Investors of Nearly $100 Million

While major private equity founders complained about their undervalued stock prices one of their brethren ripped off sophisticated investors for nearly $100 million.  ZeroHedge reported:

"a highly reputable executive with a just as reputable private equity firm was arrested and charged with securities fraud. Andrew Caspersen, a Harvard Law School graduate and a partner at the Park Hill Group, an advisory firm that up until last fall had been a part of the Blackstone Group, was accused of defrauding numerous institutional investors out of $95 million through fake private equity investments. 
Private equity is overly image conscious.  In the case of Andrew Caspersen there was no substance behind the image.  He wagered his ill begotten gains, losing them in options trading.