New York Securities Professional Charged With Fraud

Posted on July 18th, 2016 at 8:48 AM
New York Securities Professional Charged With Fraud

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Securities and Exchange Commission recently charged Andrew W.W. Caspersen in connection with his role in defrauding two institutional investors into investing in a shell company by using a deceptive tactic.

According to the SEC complaint, Caspersen solicited approximately $95 million through his offering of promissory notes issued by Irving Place III SPV LLC. The SEC contends that Irving Place III SPV LLC is a shell company conceived only for the purpose of deceiving investors and not to carry out any legitimate business operations. The complaint states that Irving Place III SPV LCC was formed in order to resemble association with the similarly named, legitimate private equity fund Irving Place Capital Partners III SPV, but in reality maintained no relationship or association.

In addition, the U.S. Attorney’s Office for the Southern District of New York announced that it would bring criminal charges against Caspersen. Andrew M. Calamari said, “As alleged, Caspersen engaged in a brazen fraud by raising money under false pretenses and simply stealing the funds. This action demonstrates that even sophisticated institutional investors are not immune to financial scams.”

The SEC complaint further alleges that Caspersen obtained a $25 million investment from an institutional investor in November 2015 as a result of falsely representing that the investment would be secured by assets in Irving Place Capital Partners III SPV, which was in no way associated with Caspersen’s shell company Irving Place III SPV LLC. The complaint alleges that quickly after receiving the $25 million transfer Caspersen simply stole the funds and diverted them for his personal use.

The SEC is seeking a permanent injunction, return of ill-gotten gains plus interest, and punitive monetary penalties. 

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston

Return to Archive



I just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.

John O.


February 22, 2024
Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.

February 21, 2024
SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.

February 20, 2024
Challenges Persist: Firms Struggle to Comply with Regulation Best Interest

FINRA's annual report for 2024 reveals a concerning trend among broker-dealers, with numerous instances of violations of Regulation Best Interest (Reg BI).