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

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note