Sunday, 21 September 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.