MOSCOW, March 29 (RAPSI) – A former top manager of PJT Partners investment bank was charged on Monday with $95 million fraud, Associated Press has reported.

According to Associated Press, Andrew Caspersen is accused of tricking his clients into investing money in fraudulent private equity investments.

Prosecutors in the case allege that Caspersen was responsible for sham financial operations and creating fake e-mail addresses and websites and that he managed to receive only $25 million from his criminal activities.

Caspersen was released on $5 million bail.

Additionally, civil charges were filed against Caspersen by the Securities and Exchange Commission seeking to return money defrauded by the former executive, Associated Press has reported.