Saturday, 27 December 2014
Last updated 3 days 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.