Receiver unlikely to recover all fraud losses

Date: Wednesday, August 20, 2008
Author: James Mackintosh in London, FT.com

A Canadian hedge fund manager ordered to pay almost $300m in compensation and fines after defrauding investors is unlikely to pay more than has already been recovered, according to lawyers for the receiver of the failed fund.

A US judge ordered Paul Eustace, 43, to pay $279m to compensate investors in Philadelphia Alternative Asset Management’s four failed funds for losses while fining him and his company $20.8m.