Tuesday, 25 November 2014
Last updated 6 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.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...