The SEC sued Beacon Hill Asset Management today, reports Reuters. The suit against the New Jersey-based hedge fund stemmed from more than $700 million of investment losses in the fund. The Commission ordered the fund to hand its remaining assets over to Ellington Management Group and to disgorge any "ill-gotten gains," according to the report.

An anonymous source is quoted in the article saying that the hedge fund already moved roughly $400 million of assets to Ellington. Beacon Hill closed two funds in October.  

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