Wednesday, 27 May 2015
Last updated 6 hours ago
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…