His chips are all gone. Financial fraudster Andrew Caspersen finally threw in his hand Wednesday.
The former Wall Street executive pleaded guilty to defrauding family and friends out of more than $38 million in a Ponzi-like scheme to feed what he called "a gambling addiction that was all consuming" as he sat in a courtroom in U.S. District Court in lower Manhattan.
The addiction, his lawyer has said, led Caspersen to lose a staggering $123 million by compulsively speculating on put options in the S&P 500 index from February until his arrest in March.
Caspersen's crimes could send him to prison for a decade or more when he is sentenced Nov. 2. But the judge who accepted his plea suggested he was skeptical of federal sentencing guidelines that suggest a term of between about 12 and 16 years.