A federal court has ordered the former president and founder of a hedge fund to pay nearly $300 million for defrauding clients. The government had accused Paul Eustace of stealing $200 million from clients of Philadelphia Alternative Asset Management between 2001 and 2005, and creating false account statements, hiking management fees based on false profits and transferring clients' money to himself.
August 20, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal court ordered the former president and founder of a hedge fund to pay nearly $300 million for defrauding clients.
Federal prosecutors in November indicted Paul Eustace, president and founder of Philadelphia Alternative Asset Management Co., on two criminal counts of commodities fraud.
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