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Prosecutors: Former Blackstone Exec Allegedly Stole $25M


Federal prosecutors allege Andrew W.W. Caspersen (pictured, left), the former managing principal of Blackstone's Park Hill Group, created a phony investment fund, a fake financier, and fake Internet domain names and email addresses as part of a scheme to steal $25M.

Some serious finance high-rollers were involved in the drama. Blackstone’s Stephen Schwarzman (pictured, right) lost $16M as part of the botched heist, as PJT partners’ (a firm connected to Caspersen's scandal) shares sunk 10.6%, the Wall Street Journal reports.

Caspersen’s alleged scheme involved soliciting funds for investment from charities and hedge funds before supposedly using the money for his own investments—all the while telling investors it was going to legitimate investment firms.

Caspersen was arrested Saturday at NY’s LaGuardia Airport and appeared in a NYC federal court on Monday, where he was released on $5M bail. [WSJ]