Ex-Hedge Fund Manager Ordered to Pay $300 Million

Daily News; White Plains › August 21, 2008

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Summary

BOSTON (Reuters) - A former hedge fund manager was ordered to pay nearly $300 million for having cheated clients by sending out fake account statements, the Commodity Futures Trading Commission said on Tuesday [Aug. 19].

Paul Eustace, the founder of Philadelphia Alternative Asset Management Company, must return more than $279 million to clients and pay about $12 million in civil penalties, the regulator said.

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Ex-Hedge Fund Manager Ordered to Pay $300 Million

Mr. Eustace, who represented himself in the case, had been indicted on ...

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