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OSC probes failed fund PAAM

Date: Monday, October 10, 2005
Author: Theglobeandmail.com

The Ontario Securities Commission has launched an investigation into an Ontario hedge fund manager who faces fraud allegations in the United States. The OSC is the latest regulator to become involved in the widening scandal surrounding the collapse of Philadelphia Alternative Asset Management Co., a hedge fund company run by Paul Eustace from his home in Oakville, Ont. The $230-million (U.S.) fund, known as PAAM, was based in Philadelphia and specialized in a complex type of commodity trading.