CFTC Seeks Contempt For Frozen Lake Shore

Jul 6 2007 | 11:25am ET

Not content with merely freezing its assets, the Commodity Futures Trading Commission has asked a judge to hold Lake Shore Asset Management in contempt of court.

The regulator told the court that the Chicago-based hedge fund has failed to produce its derivative market books and records.

Lake Shore managing partner Phillip Baker said his firm was working “diligently” with regulators to solve the problem.

Lake Shore, founded by former Chicago Mercantile Exchange Chairman Laurence Rosenberg, had claimed almost $1 billion in assets. But when the National Futures Association found only $467 million in its accounts after being given access to its secure Web site, Rosenberg revoked its access, claiming that it violated international banking privacy laws.

Last week, the Illinois federal court froze some $23 million in firm assets at the CFTC’s request.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...