Defunct Hedge Fund Loses CFTC Registration

Law360, New York (September 18, 2008, 12:00 AM EDT) -- After becoming the first hedge fund in U.S. history to be criminally convicted for engaging in fraudulent market-timing, Beacon Rock Capital LLC has lost its registration as a commodity pool operator and commodity trading adviser with the U.S. Commodity Futures Trading Commission.

The CFTC issued an order Wednesday revoking the now-defunct hedge fund's CPO and CTA registrations because of the fund's involvement with securities fraud involving short-term purchases and sales of mutual fund shares.

A spokesman for Beacon Rock said on Friday that the hedge fund...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.