(Reuters) Former Wall Street executive Andrew Caspersen pleaded guilty on Wednesday to charges that he defrauded investors out of over $38 million, blaming his conduct on a gambling addiction he could not control. Caspersen, who worked at a unit of investment banker Paul Taubman’s PJT Partners Inc prior to his arrest in March, pleaded guilty in federal court in Manhattan to securities fraud and wire fraud.
Caspersen, who graduated from Princeton University and Harvard Law School, choked up in court as he admitted to cheating numerous people, mostly family and friends, through what he called a “simple” fraud.
