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...
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