NEW YORK (AP) - An ex-executive at a New York investment bank has been arrested in a scheme to defraud investors of more than $95 million.

NEW YORK (AP) An ex-executive at a New York investment bank has been arrested in a scheme to defraud investors of more than $95 million.

Andrew Caspersen was charged Monday in Manhattan federal court with securities and wire fraud. Prosecutors say he scammed clients of PJT Partners Inc. into investing millions of dollars in sham private equity investments.

His lawyer declined comment as Caspersen was released on $5 million bail.

In a statement, PJT Partners says it was "stunned and outraged" to discover the fraud while Caspersen was a partner in its Park Hill Group.

It says it referred the matter to prosecutors after learning facts suggesting improper behavior.

U.S. Attorney Preet Bharara (buh-RAH'-ruh) says Caspersen invented fictional financiers, created fake email addresses and arranged misleading domain names to carry out his fraud.

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This story has been corrected to show prosecutors say Caspersen tried to defraud investors of more than $95 million, not that he actually stole that much.