PAAMco Head Indicted For Stealing $200M

Law360, New York (November 9, 2007, 12:00 AM EST) -- The U.S. Department of Justice has indicted the founder and principal trader of a hedge fund for allegedly conning his clients out of at least $200 million and transferring some of the money into his personal bank accounts.

Canadian Paul Eustace, head of the Pennsylvania-based Philadelphia Alternative Asset Management Co. LLC, was charged with two counts of commodities fraud on Thursday.

“This case demonstrates the continuing commitment of this office to a fraud-free marketplace for securities and commodities,” said Pat Meehan, U.S. attorney for the Eastern...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.