Beacon Rock Capital, a Portland, Ore.-based hedge fund firm, has reached a plea agreement with U.S. Attorney Patrick Meehan after a yearlong investigation into the firm’s role into allegedly deceptive market timing activity.
According to Beacon Rock’s attorney, Scott Resnik of New York law firm Katten Muchin Rosenman, the firm has agreed to disgorge about $475,000 in gains made through trades that took place before 2003, when an investigation by Elliot Spitzer, then the New York Attorney General, alerted hedge funds to the illegality of such trading maneuvers.
Resnik said...