A former managing director at PJT Partners Inc.’s Park Hill Group was arrested and charged with scheming to defraud investors, including a charitable foundation, of more than $95 million.

Andrew Caspersen, 39, stole the money through phony private equity investments and lost millions through aggressive options trading in his own account, prosecutors said in a complaint made public Monday. PJT told staff in a memo that Caspersen was fired on Monday. Shares of the investment bank plunged in New York trading.

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