Reputed Wall Street Personality Committed $100 Million Fraud Due to Gambling Addiction
Gambling has taken a toll on many people’s lives. This gave birth to an organization named as “safer gaming” which was launched this year in Malta. This is to promote awareness about the awful condition that gambling addiction can cause to mankind. The best example is Andrew Caspersen. He is a Wall Street golden boy who followed his father’s footstep as a financier. In a private equity world, he makes more than $3.68 million dollar income in a year.
In 2015, Mr. Caspersen offered his family and friends an investment opportunity which received positive response. At the age of 39, he was able to gather tens of millions of dollars from people who are close to him, including his immediate family and Wall Street insiders. However, to everybody’s dismay, Mr. Caspersen came out to be a living lie. It was discovered that all the money he collected were transferred to his own personal brokerage accounts. And majority of the amount was lost in bad stock bets.
“Mr. Caspersen ended up with a shameful charade”, Preet Bharara; South District of New York attorney said. But to Mr. Caspersen’s attorney, there is only one explanation why his client committed a million dollar fraud and this is because of his gambling addiction.
Mr. Caspersen was hooked on Casino games as well as sports betting. “Such compulsive addiction on a stock market betting caused him to end up where he is right now”, stated Paul Schechtman; Mr. Caspersen’s attorney. He lost all his fortune because of gambling and this even includes his $20 million dollar inheritance.
“It is such a tragic case. It is a story of a good individual who had a ferocious addiction which caused damage to those he cared most”, said Attorney Schechtman.
In the federal court, Mr. Caspersen admitted he is guilty and said in a shaky voice that he was ashamed for what he has done. “I have deceived a lot of people, majority of them are my close friends and family. It was not my intention to use this as an investment opportunity. I just needed the money to give in to my gambling addiction”, Mr. Caspersen said.
The case of Mr. Caspersen caused fear through Wall Street where it is very common for billion dollar deals are made among people who rely on relationship and trust. But how can you distinguish the thin line that separates trading and gambling? Traders performance coach Alden Cass answered this when he said; “when the person is no longer using emotional discipline, this makes the big shift of trading to gambling.