Tuesday, 13 October 2015
Last updated 6 min ago
Nov 9 2007 | 1:41pm ET
The founder of collapsed hedge fund Philadelphia Alternative Asset Management has been charged with defrauding investors of $200 million.
The U.S. attorney in Philadelphia announced the indictment of Canadian Paul Eustace today, alleging he sent investors phony account statements showing profitable investments for four years before authorities shut the hedge fund down. In fact, the fund posted losses of some $179 million; it raised just $230 million. He is also accused of making loans to himself using investor funds, and boosting his management fee based on the non-existent profits. He was charged with two counts of commodities fraud.
PAAM, which regulators shuttered in June, had offices in Canada and King of Prussia, Pa., outside of Philadelphia.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…