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8/20/2008
Victims of PAAM Hedge Fund Meltdown Unlikely to See Recompense
Victims of PAAM Hedge Fund Meltdown Unlikely to See Recompense
Even though fund manager, Paul Eustace, formerly of the now defunct Philadelphia Alternative Asset Management is facing a court order requiring him to pay some $237 million to investors (not to mention another $20 million in fines) it seems unlikely that Eustace will be doing so any time soon.
The good news is that about $180 million has already been recovered, mostly in the form of other PAAM-related legal settlements from UBS bank and The Man Group's MF Global.
Eustace, you may recall, was shut down by the CTFC back in 2005 after it became known that he had cost his PAAM investors millions while using misappropriated funds to do stuff like get his girlfriend a boob job.
For all of our past coverage of the PAAM case - see here.
-- MDT
The good news is that about $180 million has already been recovered, mostly in the form of other PAAM-related legal settlements from UBS bank and The Man Group's MF Global.
Eustace, you may recall, was shut down by the CTFC back in 2005 after it became known that he had cost his PAAM investors millions while using misappropriated funds to do stuff like get his girlfriend a boob job.
For all of our past coverage of the PAAM case - see here.
-- MDT
Labels: PAAM, Paul Eustace
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