Andrew W.W. Caspersen’s Lawyers Avoid Having To Represent Him In Court

A.W.W.C. has pleaded guilty.
You shall not pass! By Quantockgoblin 18:03, 2 December 2006 (UTC) (Self-creation) [Public domain], via Wikimedia Commons

You shall not pass! Wikimedia Commons

Old double-barreled initials did his attorneys a major solid and pleaded guilty yesterday, ensuring they would not have to try the not-exactly-most-triable case of him stealing $40 million from his friends and relatives and blowing it all on nine-figure short bets.

“The people I harmed were people I cared for the most,” Mr. Caspersen said, reading from a statement. His voice wavered as he stumbled over the last words, “I could not be more sorry or ashamed for my crimes….”

“I did all this knowing it was wrong,” Mr. Caspersen said on Wednesday in court.

Now, the only question is whether you can add W.W. to the Princeton Class of ‘99’s 30th reunion roster (no post-gala trips to Atlantic City, please). He’d like to RSVP right now, but he’s got to wait for that JedRakoff to sign off.

In a plea agreement, federal prosecutors and Mr. Caspersen agreed on a sentencing range of 12 to 16 years in prison, subject to judicial approval. He could also be required to pay a fine of more than $5 million and restitution to victims. In court on Wednesday, Judge Rakoff described the federal sentencing guidelines as “irrational.”

Andrew Caspersen Pleads Guilty to Federal Charges in $40 Million Fraud [DealBook]