Hearing rescheduled for fund manager Eustace

Date: Wednesday, August 17, 2005
Author: SHIRLEY WON- Globe & Mail

A U.S. court hearing on a preliminary injunction sought by regulators to prohibit hedge fund manager Paul Eustace from fraudulently soliciting investors has been rescheduled to Sept. 15. The Washington-based Commodity Futures Trading Commission alleges that Mr. Eustace, 40, a resident of Oakville, Ont., faked performance figures and hid $140-million (U.S.) in losses by commodity funds run by his Philadelphia Alternative Asset Management Co. In June, a court-appointed receiver took control of the assets of U.S.-based PAAM and those of Mr. Eustace, who has also since declared personal bankruptcy in Canada.