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Ex-Blackstone Exec Is Latest Example Of Proven Fact That You Can't Trust An Investment Manager With Two Middle Initials

Come on people!
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William H.G. Taft. Brooks W.K. Jennings. Corbin C.C. Smith. Ainsley D.B Cooper. Richard R.G Worthington. Matthew T.K. Vanderbilt. Would you trust any of these people to manage your money? Probably not to definitely not, right? And while you couldn't put your finger on the reason at the time, now, it seems so obvious, staring you in the face. Andrew W.W. Caspersen's investors know how you feel.

Prosecutors have charged former Blackstone managing principal Andrew W.W. Caspersen, now a managing principal at the Park Hill Group, with scheming to defraud investors of $95 million. In charges unsealed Monday, the Manhattan U.S. attorney’s office said Mr. Caspersen lied to customers, saying their investments would be put into a secured loan to an investment firm, and instead converted the funds for his own use. Mr. Caspersen took roughly $24.6 million for himself from a charitable foundation as part of the scheme, prosecutors said...Mr. Caspersen, 39 years old, graduated from Princeton University and Harvard Law School and comes from a wealthy and powerful family. His father was Finn M.W. Caspersen, Sr., the former chairman and chief executive of Beneficial Corporation, once one of the largest consumer finance companies before being purchased by Household International Inc. in 1998. The elder Mr. Caspersen committed suicide in 2009 amid reports the Internal Revenue Service was investigating him for offshore tax evasion. Park Hill was spun out of Blackstone last year and is now a part of PJT Partners, an investment firm created last year by Paul J. Taubman. PJT’s shares dropped 12% to $23.28 in afternoon trading Monday.

Let this be a lesson to you all.

Prosecutors Charge Park Hill Managing Principal in Investment Fraud [WSJ]


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