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Hedge-fund founder indicted in $200 million loss

Date: Monday, November 12, 2007
Author: Philadelphia Inquirer

Paul Eustace, the founder of a King of Prussia hedge fund that imploded amid a 2005 probe, was indicted on charges that he defrauded clients and caused them to lose at least $200 million.

Eustace, of Ontario, Canada, created false account statements on Philadelphia Alternative Asset Management Co.'s profit from spring 2001 through June 2005, U.S. Attorney Pat Meehan said in Philadelphia.

Eustace, 42, made loans to himself using money from investors, Meehan said. There was no residential listing for Paul Eustace in Oakville, Ontario. His attorney, Jonathan Marler, also in Ontario, didn't immediately return a phone message seeking comment.