Beacon Hill, 4 Principals Settle SEC Fraud Suit
From Associated Press
Hedge fund Beacon Hill Asset Management and its four principals agreed to pay a total of $4.4 million to settle regulators’ allegations of defrauding investors of more than $300 million, the Securities and Exchange Commission said Thursday.
The settlement resolves a case that goes back two years and was the SEC’s latest move against hedge funds -- investment pools that traditionally cater to the wealthy.
The SEC alleged in a lawsuit that the New Jersey-based fund carried out a scheme in 2002 that involved misrepresenting and manipulating the procedures for valuing its portfolio.
