NakedShorts: Phinal Phlings in Philly II

The crook is still in Canada

One day, maybe. Eustace caught relaxing at a Junior
Hockey League game in suburban Toronto. Image
courtesy Y.K. Whoyouare; bars via Windows Paint.

Last November, the US Attorney for the Eastern District of Pennsylvania got around to dropping a criminal indictment on Paul Eustace (above), perpetrator-in-chief of the Philadelphia Alternative Asset Management Co fraud. And in almost nine months since, he’s been extradited from the lush environs of suburban Toronto, given a fair trial, convicted, and locked up for the next 10 years?

Not so fast. According to electronic court records, the prosecution is proceeding not-apace. In the only formal action so far this year, the Defenders Association of Philadelphia was appointed “to represent defendant...until such time as the court determines...whether the defendant qualifies for court-appointed counsel, or until otherwise ordered by the court.” Which is nice, but largely moot until someone maneuvers Paulie’s butt southside the 49th parallel.

Meanwhile, over in Judge Michael Baylson’s courtroom, the largely-pro forma-but-you-know-lawyers ceremonials are under way. Eustace was found in contempt of court, and ordered to pay $624,911.68 “representing the sum of $478,866.10 and the equivalent in US dollars of $146,235.69 (CAD)” to cover costs incurred in blocking and tackling his various attempts at asset concealment and related skullduggery.

As well, the Commodity Futures Trading Commission has also filed paperwork seeking an order:

Permanently enjoining PAAMCo from further violating the [Commodity Exchange Act] or engaging in any business activities related to commodity trading;
Ordering PAAMCo to pay restitution...in the amount of $276,273,698.99, less any amounts already distributed to the participants; and
Ordering PAAMCo to pay a civil monetary penalty in the amount of $8,800,000.

Two words for the collection agents on those accounts: good, and luck. In that order.

Unpaid invoices after the restitution.

Order regarding motion to hold Paul M. Eustace in contempt
CFTC v. Paul M. Eustace et al

Plaintiff’s application for default judgment
CFTC v. Paul M. Eustace et al