Man (Financial, Not Kind) Dragged into PAAM’s Mess

Clark Hodgson, the court-appointed receiver to Philadelphia Alternative Asset Management (PAAM), is turning up the heat on Man Financial, alleging that Man was complicit in some of PAAM’s fraudulent activities. Hodgson has accused Man of using “disingenuous” and “specious” legal arguments to try to prevent discovery of potentially damaging information about its role in the fraud. Hodgson alleges that losses of $179m (£100m) were hidden by PAAM in a secret account at Man Financial, its main broker. Man ain’t pleased, calling Hodgson’s request for myriad emails and documents “unreasonable, overly broad and unduly burdensome.”
Man Group Attacked for Refusal to Supply Evidence [The Guardian - UK]

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