PJT Partners, the parent company of advisory firm Park Hill, has completed a review of the period covering the employment of former partner Andrew Caspersen, who has been charged with attempting to defraud investors of $95 million.
PJT found that despite Caspersen allegedly conducting a number of unauthorised and unlawful transactions outside of the scope of his employment with Park Hill, which dated from early 2013 until his arrest in March, no Park Hill clients were affected in Caspersen’s transactions.
It has not found any evidence of irregularities when reviewing the legitimate transactions of Park Hill in which Caspersen was involved, the firm said in a statement filed with the US Securities and Exchange Commission (SEC).
PJT noted that although Park Hill has not been found liable regarding the funds allegedly fraudulently obtained by Caspersen, any financial impact to the firm would be substantially mitigated by insurance coverage carried by the company, according to the SEC statement.
“It is paramount to the company to have a culture devoted to serving clients with integrity and transparency,” PJT wrote in the statement. “In light of this incident, the company is reviewing its practices and will make such enhancements as it determines to be appropriate.”
Caspersen allegedly solicited two institutions to invest in a shell company he controlled. One of the institutions, the Moore Charitable Foundation, invested $25 million. His relatives and friends invested about $14 million in his schemes, according to PJT’s statement, which noted that the unauthorised transactions were conducted between late 2014 and last month.
The Wall Street Journal reported on 13 April that Caspersen’s lawyer said he is likely to settle his criminal case in the next 60 days.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: