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Commodity Pool Operator Settles For $14M

Law360 (August 28, 2007, 12:00 AM EDT) -- Hedge fund Longboat Global Funds Management LLC and its owner on Monday were ordered to pay $14 million to settle allegations that the firm misrepresented the financial condition of and its personal interest in certain investments.

The Commodity Futures Trading Commission filed a complaint against Longboat and its founder Robert Joseph Beasley in May 2005, seeking injunctive and other ancillary relief for alleged violations of the Commodity Exchange Act.

The complaint alleged that Beasley and Longboat committed fraud by misrepresenting the condition and status of certain...
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