LAWSUITS NEWS & LEGAL INFORMATION
Hedge Fund Fraud
Philadelphia, PA: (Dec-26-07) The Commodity Futures Trading Commission (CFTC) brought charges against MF Global, the brokerage arm of UK-based alternatives firm Man Group, alleging that the company failed to properly supervise offshore accounts set up by defunct hedge fund firm Philadelphia Alternative Asset Management Co. (PAAMCo). Additionally, PAAMCo's founder, Paul Eustace, is accused of conducting an elaborate shell game with his hedge fund's offshore accounts to hide losses from investors. Sources stated that Eustace was indicted on fraud charges in November. He is reportedly in Canada and has so far not returned to the US to appear in court.
As part of a settlement reached, sources close to the case stated that the company agreed to pay a $2 million civil penalty to resolve claims. Thomas Gilmartin, an executive at Man, also settled with the CFTC by agreeing to pay $250,000. Gilmartin had also been a PAAMCo shareholder. [HEDGE FUND: HEDGE FUND FRAUD]
Published on Dec-27-07
As part of a settlement reached, sources close to the case stated that the company agreed to pay a $2 million civil penalty to resolve claims. Thomas Gilmartin, an executive at Man, also settled with the CFTC by agreeing to pay $250,000. Gilmartin had also been a PAAMCo shareholder. [
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