The U.S. Department of Justice has brought charges against Paul Eustace, founder, president and principal trader of Philadelphia Alternative Asset Management, which the Commodity Futures Trading Commission shut down two years ago.

The Justice Department says Eustace defrauded investors of $200 million by presenting positive returns to them when, in fact, the fund was losing money. He then fraudulently took incentive fees, the government said, and used $500,000 of his fund’s investment to pay a legal settlement.

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