Gambling Addiction Pays Off Huge For Andrew W.W. Caspersen

Talk about long odds.
Ralf Roletschek [GFDL or CC BY-SA 3.0], via Wikimedia Commons

Ralf Roletschek [GFDL or CC BY-SA 3.0], via Wikimedia Commons

Count Andrew W.W. Caspersen out for the Princeton Class of ‘99’s 20th reunion, but keep a seat warm for the 25th, when he’ll be able to offer another round of tearful apologies to the defrauded classmates who helped keep him out of prison through the 30th and beyond.

A federal judge sentenced Andrew Caspersen to four years in prison Friday, sparing the former Wall Street executive the stringent sentence prosecutors had recommended for bilking his friends and family out of millions of dollars to fund risky stock market bets.

Prosecutors had said Mr. Caspersen should be sentenced to at least 15 years in prison, while defense lawyers had asked for leniency, saying his behavior was driven by a gambling addiction….

Paul Shechtman, Mr. Caspersen’s lawyer, said his client is in treatment and was seeking to make amends. He said Mr. Caspersen had met with some of his victims and tearfully explained his actions….

Some of Mr. Caspersen’s victims had written the court asking for leniency for their friend, and some of them were also in court Friday.

Andrew Caspersen Sentenced to Four Years in Prison for Bilking Investors [WSJ]