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8/20/2008
Victims of PAAM Hedge Fund Meltdown Unlikely to See Recompense
12/06/2007
Man Group Hedge Fund Pays $75 Million Settlement to End Fraud Probe
Man Group, PAAM Hedge Fund Fraud
Man Group, USB Feud over Hedge Fund Fraud As Charges Against PAAM Manager Loom
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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Man Group Hedge Fund Pays $75 Million Settlement to End Fraud Probe
MF Global, the NY based hedge fund offering from the Man Group has agreed to pay $75 million to settle charges that the fund helped to hide the $180 million Philadelphia Alternative Asset Management (PAAM) hedge fund fraud (in which founder Paul Eustace was recently charged). The CTFC shut down PAAM in 2005 for hiding its own losses from investors.
-- MDT
11/20/2007
-- MDT
Labels: CTFC, Fraud, hedge fund, Man Financial, Man Group, MF Global, PAAM
Man Group, PAAM Hedge Fund Fraud
Entangled sounds like the right way to put it.
-- MDT
-- MDT
Labels: Man Group, MF Global, PAAM, Paul Eustace
Man Group, USB Feud over Hedge Fund Fraud As Charges Against PAAM Manager Loom
Paul Eustace is headed to court. A two count indictment has been filed relating to his conduct at PAAM. UBS and The Man Group have also been implicated. You know what they say - all's fair in love and The Caymans.
-- MDT
-- MDT
Labels: Man Group, MF Global, PAAM, Paul Eustace
