Thursday, 24 July 2014
Last updated 6 hours ago
Sep 11 2007 | 3:53pm ET
Former Chicago Mercantile Exchange Chairman Laurence Rosenberg has resigned from the board of troubled hedge fund Lake Shore Asset Management, his lawyer said.
Rosenberg, who had served as chairman of the Chicago-based hedge fund, end his relationship with Lake Shore last month, informing regulators of his departure on Aug. 13, the Chicago Tribune reports. The Commodity Futures Trading Commission is probing the hedge fund, after the National Futures Association accused it of misleading investors about the funds’ performance.
“Obviously, Lake Shore has been getting a lot of press,” attorney Bob Byman said. “There was no reason for [Rosenberg] to stay with them while they are under this cloud.” Byman added that Rosenberg had no management responsibility at Lake Shore, and “pleaded” with firm president Philip Baker “more than once” to cooperate with investigators, who have demanded a slew of records and documents. Lake Shore is fighting the requests.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…