March 28, 2016

The SEC charged New York-based securities professional Andrew W.W. Caspersen with soliciting approximately $95 million from two institutional investors by offering promissory notes issued by Irving Place III SPV LLC.  The SEC alleges that Irving Place III SPV LLC is a shell entity formed and controlled by Caspersen with no legitimate business operations, unlike the similarly named Irving Place Capital Partners III SPV which is not associated with Caspersen in any way.  Caspersen obtained a $25 million investment in November 2015 from an institutional investor by falsely representing that the investment would be secured by approximately $900 million of assets of Irving Place Capital Partners III SPV.  SEC

Tagged in: Misrepresentations, Securities Fraud,