The Moore Charitable Foundation, a charity run by hedge fund billionaire Louis Bacon, is saying that it was among the victims of executive fraud by 39-year-old Wall Street executive Andrew Caspersen.
The charity’s goal is protecting wildlife, reports the New York Times. The company released a statement saying it was “lied to by Andrew Caspersen, a managing director at investment bank PJT Partners, regarding a potential investment related to the publicly announced restructuring of a private equity fund.”
The charity put $25 million into what has been described as a scheme designed to defraud investors.
Bacon founded the charitable organization in 1992.
Caspersen is not the first person in his family to be investigated for fraud. The Times reported yesterday that after his father committed suicide in 2009, it came out that he was under investigation. The younger Caspersen is currently out on bond but must undergo mental health counseling as part of his release.