Beacon Rock Capital

Portland, OR: (Mar-27-07) A lawsuit filed by the US Attorney's Office in Philadelphia against Portland-based Beacon Rock, accused the hedge fund of market-timing. The suit alleged that Beacon Rock made 26,000 market-timing trades, profiting $2.4 million. While not illegal, market-timing trades, which are rapid trades to buy and sell shares of mutual funds, are prohibited by many institutions because they can negatively impact long-term shareholders. In an agreement reached, Beacon Rock has agreed to pay a $475,000 fine to settle the charges. [BANK NET 360: MARKET TIMING]

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Published on Mar-30-07