Hedge fund Beacon Rock Capital has agreed to pay $475,000 to settle charges that it market timed mutual funds between 1999 and 2003, the Associated Press reports. It is the first criminal case against a hedge fund for market timing.
According to the U.S. attorney’s office, Beacon Rock and Thomas Gerbasio, an executive at a broker/dealer in Philadelphia, set up more than 30 accounts to engage in market timing, earning a profit of $2.4 million for Beacon Rock and $215,000 for Gerbasio.
Amid a busy April for big hires, compliance tech provider COMPLY and wealthtech platform TIFIN have brought on industry vets Michael Stanton and Jeannette Kuda, respectively, aiming for strategic growth.
After a mixed quarter for the firm's wealth unit, CEO Ron Kruszewski predicted that the Fed may cut rates zero or just once or even hike them in 2024.
The U.S. Chamber of Commerce and other business groups contend the Federal Trade Commission has exceeded its authority in nullifying contracts that prohibit employees from switching jobs to competitors.
Retirement doesn't have to mean scrimping and saving. Here are five parts of the country where seniors are living large in their golden years.
Advisor360° names former MassMutual exec Mike Fanning as its new CEO
