Hedge Funds

Beacon Hill settles with SEC

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The Securities and Exchange Commission announced it has settled its pending fraud litigation against Beacon Hill Asset Management and its four principals, who have been ordered to pay more than $4 million and have been banned from working with or for any investment adviser.

As part of the settlement, the SEC also dismissed from the civil action the principals' wives, who had been named as relief defendants in an amended SEC complaint earlier this summer. Beacon Hill collapsed in 2002 when it revealed to investors that the net asset value of the funds was half of what it