Figuring out how much a stock or mutual fund is worth is as easy as picking up the daily newspaper. No such luck with hedge funds. The values of underlying investments are highly subjective. Some high-profile firms, including Beacon Hill Asset Management LLC in Summit Hill, N.J., and Manhattan's Lipper & Co., are already in hot water with authorities who want to know whether managers misled investors about how much their investments were worth. Edward J. Strafaci, a former Lipper portfolio manager charged with fraud and overstating portfolio values at the $4 billion company by the Securities & Exchange Commission, is fighting the charges. Beacon Hill, which allegedly lost $300 million, agreed in November to shift assets to another company while the investigation continues.
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机译：弄清楚一只股票或共同基金的价值与拿起日报一样容易。对冲基金没有这样的运气。基础投资的价值是高度主观的。包括新泽西州萨米特山的笔架山资产管理有限责任公司和曼哈顿的利珀公司在内的一些知名公司已经与当局放在一起，他们想知道管理者是否误导了投资者其投资价值。爱德华·斯特拉法奇（Edward J. Strafaci）是前理柏（Lipper）投资组合经理，被美国证券交易委员会（Securities＆Exchange Commission）指控，负责这家市值40亿美元的公司的欺诈和高估投资组合价值。 Beacon Hill据称损失了3亿美元，于11月同意在调查继续进行的同时将资产转移给另一家公司。
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