Manhattan District Attorney Cyrus R. Vance, Jr., today announced the sentencing of BRYAN CAISSE, 50, a graduate of the United States Naval Academy, to 1 ½-to-4 ½ years in state prison for stealing more than $1 million from his friends and former classmates in the Naval Academy by convincing them to lend him money under the guise that the funds would go toward his new company. On August 11, 2014, CAISSE pleaded guilty in New York State Supreme Court to one count each of Grand Larceny in the Third Degree and Scheme to Defraud in the First Degree. The defendant signed a confession of judgment for his victims for approximately $706,000.
“Bryan Caisse’s million-dollar scam of his friends and classmates was unbefitting of his Naval Academy training,” said District Attorney Vance. “Instead of investing their money in his new hedge fund, Caisse used it to pay for car services, rental payments, and even restaurant tabs. I would like to thank the U.S. Department of State for ensuring the defendant’s return to the United States after he fled to Colombia, and my Office’s prosecutors for their work on this case.”
According to his guilty plea, from April 2008 through October 2013, CAISSE induced victims to lend him more than $1 million under the guise that the money would be used for his new hedge fund, Huxley Capital Management. But rather than investing the money in his company, CAISSE spent the money on personal expenses, including rental payments, car services, personal debts, credit cards, cash withdrawals, and restaurants. As his victims began seeking repayment, CAISSE became evasive and difficult to reach. He set up email accounts in the names of fictitious assistants, and sent emails claiming that he had been seriously injured in a car accident, and that they would be repaid. Despite what CAISSE told his victims, he continued his active lifestyle, running up credit card debt for travel, car services, meals at high-end restaurants, and other personal expenses. While CAISSE did repay some of this victims – though usually a mere fraction of what they were owed – he did so with his other victims’ money.
After a search warrant was executed at his Manhattan apartment on October 8, 2013, CAISSE fled the United States. He was apprehended more than three months later at an airport in Bogotá, Colombia, and returned to the United States, where he was arraigned on the indictment in New York State Supreme Court.
Assistant District Attorney Sean Pippen handled the prosecution of the case under the supervision of Assistant District Attorney Christopher Conroy, Principal Deputy Chief of the Major Economic Crimes Bureau; Polly Greenberg, Chief of the Major Economic Crimes Bureau; and Executive Assistant District Attorney David M. Szuchman, Chief of the Investigation Division. Senior Rackets Investigator Matthew Winters assisted with the investigation under the supervision of Supervising Rackets Investigator Donato Siciliano and Chief Investigator Walter Alexander. Financial Intelligence Director David Rosenzweig assisted with the case, as did Investigative Analyst Kimberly Park.
District Attorney Vance thanked the staff at the New York Regional Office of the Securities and Exchange Commission for its assistance in the investigation, as well as Special Agent Antonio Zamudio of the U.S. Department of State for his assistance with effecting the defendant’s return to the United States.
BRYAN CAISSE, D.O.B. 3/1/1964
New York, N.Y.
- Grand Larceny in the Third Degree, a class D felony, 1 count
- Scheme to Defraud in the First Degree, a class E felony, 1 count
- 1 ½-to-4 ½ years in state prison
- Confession of judgment for approximately $706,000