CFTC Revokes PAAM’s Registration, Fines Four CPOs

Sep 24 2008 | 3:17pm ET

The U.S. Commodity Futures Trading Commission today revoked the registration of Philadelphia Alternative Asset Management, based on fraud judgments entered against the hedge fund last month. The firm was ordered to pay restitution of approximately $276 million and an $8.8 million civil monetary penalty for swindling investors out about $200 million.

Meanwhile, the CFTF simultaneously filed and settled charges against four registered commodity pool operators, charging them with failing to distribute to investors and file with the National Futures Association one or more of their respective commodity pools’ annual reports in a timely manner.

Chicago-based Mansur Capital Corporation, San Francisco-based Persistent Edge Management, and New York-based Stillwater Capital Partners were charged in the CFTC action and are on the hook for $75,000, $120,000 and $135,000, respectively.

While each of the CPOs had obtained extensions of their respective deadlines for various pools and reporting years, the CFTC alleged that each failed to timely comply with its obligations.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

FATCA for Hedge Funds: Eight Common Pitfalls

Sep 1 2015 | 10:56am ET

FATCA is now a way of life for those in the financial industry and most professionals...

 

Editor's Note