INFOGRAPHIC: RI Ties to Wall St. Exec Arrested for $95M in Fake Investments
Tuesday, March 29, 2016
In one of the most high profile enforcement actions by the SEC ever, Wall Street executive Andrew Caspersen was arrested and charged with fraud tied to a scheme that was trying to defraud $95 million from charities. Caspersen’s family and his firm have deep political and financial Rhode Island ties.
Vanity Fair ran a feature story about the death of Finn Caspersen — Andrew’s father — in 2010. The elder Casperson and Andrew’s mother owned a $10 million home in Westerly and were significant donors to Rhode Island politicians and conservative organizations.
The family wrote political checks in the thousands to RI politicos, including Governors Don Carcieri and Gina Raimondo
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTVanity Fair wrote, “It was the shot heard ‘round the world’ for the Wasp Old Guard of New Jersey horse country, the Rhode Island shore, and Jupiter Island, Florida. On Labor Day morning last year, while the rest of the country was wondering whether to spend the final day of summer lying on the beach or firing up the grill, Finn M. W. Caspersen, the immensely wealthy 67-year-old former chairman and C.E.O. of the Beneficial Corporation, had other things on his mind."
Related Slideshow: RI Pension System’s Highest Paid Investment Firms
Below are the highest paid investment firms by the state pension system. Two types are listed: hedge funds and private equity firms. Firms are listed in order of least to highest rate of pay. Firms at the same rate of pay are ordered according to the amount of the payment they received, from least to greatest. For each firm, the name, type, management and performance fee rates, and the amounts paid for each are shown, along with the total. In instances where a firm had more than one fund, information is provided for each individual fund. Data are from a newly published online report of investment expenses for the state pension system. Note that the Treasurer’s office has declined to disclose information for 18 private equity firms due to confidentiality clauses.
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