SEC Launches Man Group Probe In $175 Million Fraud Case

Law360, New York (October 11, 2005, 12:00 AM EDT) -- The Securities and Exchange Commission has begun an investigation into Man Group, prompted by allegations that the hedge fund helped Philadelphia Alternative Asset Management hide $175 million in losses from investors.

The investigation into PAAM comes after the collapse of the hedge fund in June. Federal regulators took control of the firm and appointed C. Clark Hodgson, a partner with the firm Stradley, Ronon, Stevens & Young LLP, to manage its assets.

On Sept. 27, Hodgson asked that a court hold Man Group in contempt, after...
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