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NEW YORK (TheStreet) -- PJT Partners  (PJT) stock closed down by 10.62% to $23.66 on heavy trading volume on Monday, after a former managing director at the investment bank was arrested on charges that he participated in a $95 million scheme to defraud investors. 

Andrew Caspersen, 39, stole the money through fake private equity investments and lost millions through options trading in his own account, according to prosecutors. 

The company first became aware of the potential wrongdoing during the week of March 14 and consequently conducted an internal review, sources told Bloomberg. PJT then contacted law enforcement, and Caspersen was arrested on March 26. 

He was fired on Monday, the company said in a staff memo, according to Bloomberg.

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About 2.52 million shares of PJT Partners were traded today, well above the company's average trading volume of roughly 168,002 shares per day.

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