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March 06, 2006
NFA permanently expels Philadelphia commodity pool operator and its manager
March 6, Chicago - National Futures Association has permanently expelled Philadelphia Alternative Asset Management Co. LLC (PAAM), a CPO Member firm located in Philadelphia, Pennsylvania, and Paul M. Eustace, the founder, managing member and an associated person of PAAM. The Decision, issued by NFA's Business Conduct Committee, is based on the charges contained in an NFA Complaint filed in September 2005.
The NFA Complaint charged that PAAM and Eustace repeatedly provided false and misleading information to pool participants and NFA during the course of its investigation. Because PAAM and Eustace failed to file an Answer to the Complaint within the prescribed time period, the Committee ruled that they have admitted the allegations contained in the Complaint and have waived their right to a hearing. PAAM and Eustace also are the subject of a CFTC enforcement action.
The complete text of the Complaint and Decision can be found on NFA's Web site (www.nfa.futures.org).
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