On August 13, 2008, the United States District Court for the Eastern District of Pennsylvania ordered Paul M. Eustace, the former president and founder of Philadelphia Alternative Asset Management Co. (PAAMCO), a hedge fund manager, to pay $279 million in restitution and a $12 million civil penalty for defrauding clients, and permanently banned him from trading activities. Eustace incurred losses of approximately $200 million trading commodity futures and options in various commodity pools, and issued false trading account statements concealing those losses.