An old adage among hedgie types is that when you’re down and out the best thing to do is pick yourself up and get a makeover. A blow-out can work wonders and has been known on at least one or two occasions to get certain SEC officials to turn a blind eye. Beacon Rock Capital, well aware of the proverb, decided to take it to the next level and see if it would work for them as a means of distancing itself from being the first hedge fund in the U.S. hit with criminal charges for deceptive mutual fund market-timing.
Basically, Beacon Rock Capital, well-aware that it was going to be taken to task for doing some illegal things, decided a few months ago to re-brand its firm, as a sort of preemptive strike, FINalternatives reports. They’ve done away with the not only the “Rock” but also, uh, the entire company. Calls placed to “Beacon Investment Group” were answered by a confused receptionist who said that Beacon Rock Capital “no longer exists.” Companies should be allowed to close up shop as they please, we guess, but the smell of fish wafts through the room like week old Ahi Tuna left out in the sun when one finds out that despite the fact that Beacon Investment Group claims to be an entirely new venture, it just happens to have the same staff, mailing address and website as Beacon Rock.
On a final, yet completely unrelated note, one of Beacon Investment Group’s employees, Jason Mendell, up until early last evening, had a mildly amusing MySpace.com page, on which he lists his employer as Beacon Investment Group and his role in the company as “Business Development.” One might wonder who would do business with an executive who refers to himself as The Master of Excrement. Apparently rebranding was a company-wide effort, as, scatologically-speaking Mr. Mendell’s profile has since been altered; his moniker is now simply, J.
Beware The Beacon: Charged Fund Plays Name Game [FINalternatives]