Firm poised to respond to legal allegations
Man Financial has stated that it has been informed of an
impending "informal investigation" by US regulator Securities
and Exchange Commission (SEC) into the events leading up to
hedge fund Philadelphia Alternative Asset Management (PAAM)'s
The receiver for PAAM, Clark Hodgson, has alleged, in
documents accusing Man of contempt of court, that the firm was
also involved in trading and reporting irregularities
perpetrated by PAAM manager Paul Eustace (see FO Week
Vol 10 No 40).
A spokesperson for Man told FO Week that SEC had
informed the firm that it was to open an enquiry into PAAM,
following the case brought against the hedge fund in Eastern
Pennsylvania District Court by Commodity Futures Trading
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