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ALTERNATIVES

Former Park Hill Group executive permanently banned from industry

Caspersen
Andrew Caspersen

Andrew Caspersen, former managing principal and member of the secondaries group at Park Hill Group, has reached a settlement with the Securities and Exchange Commission that permanently bars him from the investment industry, the SEC announced Wednesday.

Mr. Caspersen was dismissed in March from his job at Park Hill Group, which last October was spun off from Blackstone Group to financial advisory firm PJT Partners Inc.

On July 6, Mr. Caspersen pleaded guilty to defrauding investors of more than $38 million and misappropriating more than $8 million from his former employer, according to a statement by Preet Bharara, U.S. attorney for the Southern District of New York. Mr. Caspersen's sentencing is scheduled for Nov. 2.