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| | Beacon Hill Asset Management, LLC, John D. Barry, Thomas P. Daniels, John M. Irwin, and Mark P. Miszkiewicz, ... |
 | | In addition, Beacon Hill entered into a series of trades between the Master Fund and certain other accounts it managed for two institutional clients (the "managed accounts") at prices that defrauded the Master Fund and allowed the managed accounts, whose performances had also declined, to reap substantial profits. |
 | | Beacon Hill was able to hide the losses resulting from these fraudulent trades by inflating the value of the securities in the Master Fund to an even greater extent. |
 | | On October 17, 2002, Beacon Hill announced much larger investor losses, admitting that, as of September 30, the Net Asset Values of its hedge funds had declined 54% from previously reported August 31, 2002 levels, and further acknowledging that it had mis-priced securities in the funds prior to August. |
| www.sec.gov /litigation/litreleases/lr18950.htm (615 words) |
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