Wall St. Scion Gets 4 Years in Prison for Fraud

[jpak]

Source: New York Times

Andrew Caspersen, the disgraced scion of a wealthy Wall Street family, was sentenced on Friday to four years in prison for robbing his friends, family members and a large hedge fund foundation in a Ponzi-like scheme.

Mr. Caspersen, 40, who pleaded guilty this summer, had sought to lessen his sentence by arguing he suffers from a severe gambling addiction that compelled him to make high-stake trades in the options market.

In an unusual move before imposing sentence, Judge Jed S. Rakoff of Federal District Court in Manhattan allowed Mr. Caspersen’s lawyer to take testimony from Dr. Marc Potenza, a professor of psychiatry at Yale University School of Medicine, and an expert on gambling addiction.

The lawyer, Paul Shechtman, had included in a court filing a letter from Dr. Potenza, arguing for a lenient sentence. In that letter, Dr. Potenza, who evaluated Mr. Caspersen, said his compulsion to trade stock options was no different from a mental illness.

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Read more: http://www.nytimes.com/2016/11/05/business/dealbook/andrew-caspersen-wall-st-4-years-in-prison-fraud.html?_r=0

[Dark n Stormy Knight]

1. So, they're renting out a lot of ice skates in Hell today?

Or, was he a Democrat. They tend to get found guilty in cases where the Rs seem to skate. And not, as would be appropriate, on a frozen pond in Hades.

[awoke_in_2003]

2. Rip off pension funds and get a bonus...

rip off rich people and go to jail. Did this guy not learn anything about Bernie Madoff?

[C Moon]

3. That was my first thought: rip off the rich, do the time.