Saturday, 23 August 2014
Last updated 19 hours 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note