Caspersen Allegedly Defrauded Princeton Classmate at Moore Fund

  • Moore's James McIntyre went to Princeton with Caspersen
  • Caspersen is accused of stealing $24.6 million from foundation

Andrew Caspersen, who was arrested last week for allegedly defrauding the charitable foundation of billionaire Louis Bacon, approached a former classmate from Princeton University who worked at Bacon’s hedge fund to sell his scheme, according to a person familiar with the investigation.

The classmate, James McIntyre, is a managing director at Bacon’s Moore Capital Management, where he is still employed, according to the person, who asked not to be identified because the matter is private. McIntyre also gave $400,000 of his own money to Caspersen for the investment, which he described as a “security” consisting of an $80 million credit facility secured by a private-equity portfolio, according to the criminal complaint filed against him. The complaint identified the hedge fund employee as Individual-1.

Caspersen duped the foundation out of $24.6 million, according to U.S. prosecutors. Prosecutors said Caspersen, who worked for PJT Partners Inc. until he was fired last week, fraudulently tried to solicit an additional $20 million from the foundation and $50 million from a private-equity firm. McIntyre was the person who eventually uncovered the alleged fraud, according to the complaint.

“The foundation was lied to by Andrew Caspersen” about “a potential investment related to the publicly announced restructuring of a private-equity fund,” the foundation said in a statement last week. When the foundation “detected irregularities in a proposed follow-on deal,” it notified PJT’s general counsel and helped that firm investigate the matter, according to the statement. After PJT notified the Manhattan U.S. Attorney’s office, the foundation separately called prosecutors.

Caspersen appeared on March 28 in federal court, where he was released on a $5 million bond. He also was sued by the U.S. Securities and Exchange Commission.

Caspersen worked at PJT’s Park Hill Group, which helps clients including hedge funds, private-equity firms and secondary funds raise capital.

Not Close Friends

McIntyre is not a close friend of Caspersen, and the two saw each other perhaps once or twice a year, said the person. The foundation’s investment didn’t hinge on their relationship, the person said.

McIntyre’s wife also graduated from Princeton, according to the couple’s wedding announcement, as did Caspersen’s spouse. McIntyre didn’t return a call and an e-mail seeking a comment. His identity was earlier reported in the New York Times and Wall Street Journal.

Bacon, 59, founded New York-based Moore Capital in 1989 to make wagers on macroeconomic events. He started the Moore Charitable Foundation in 1992 to focus on protecting land, wildlife, habitat and water resources.

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