A former executive at a New York investment bank has been arrested on charges he defrauded 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 did not immediately return a message seeking comment.

PJT Partners released a statement saying 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 federal 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.