Friday, 17 April 2015
Last updated 10 hours ago
Sep 19 2008 | 9:06am ET
The Commodity Futures Trading Commission Wednesday revoked the registrations of Portland, Ore.-based hedge fund Beacon Rock Capital as a commodity pool operator and commodity trading adviser.
The CFTC’s order is based on Beacon Rock’s conviction in the first criminal case in U.S. history against a hedge fund for engaging in fraudulent market timing. Last April, the U.S. Attorney for the Eastern District of Pennsylvania charged Beacon Rock with scheming to defraud mutual funds and their shareholders in connection with the short-term trading of mutual funds. According to the criminal charges, Beacon Rock made in excess of 26,000 market-timing trades, pocketing approximately $2.4 million in net trading profits.
Beacon Rock pled guilty to the criminal charges earlier this year, and was sentenced to three years of probation and fined $600,400.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…