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 firms role into
allegedly deceptive market timing activity.
According to Beacon Rocks 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.