Toomre Capital Markets LLC

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PAAM Scandal: Court Orders Man Financial to Produce Documents

As outlined in this Reuters article entitled “Court orders Man Financial to produce documents,” a federal judge ordered Man Financial on Friday, December 16, 2005 to provide documents, telephone records and other information to the court-appointed receiver of the collapsed hedge fund Philadelphia Alternative Asset Management (“PAAM”). The court also ordered Man Financial, the brokerage unit of Man Group Plc, to pay the legal costs the receiver incurred in filing its contempt-of-court motion over the firm's failure to produce the records principally related to communications between Paul Eustace, the founder of PAAM, and Thomas Gilmartin, the executive at Man Financial who handled the PAAM account.

More information on the PAAM hedge fund scandal can be found at this post at NakedShorts and here at Toomre Capital Markets LLC.