Friday, 19 December 2014
Last updated 15 hours ago
Sep 14 2007 | 10:55am ET
Lake Shore Asset Management is still a cold, cold place. A federal court in Chicago slapped the Windy City hedge fund with a preliminary injunction, freezing its assets and prohibiting it from destroying documents or from trading in commodity futures and options. According to the Commodity Futures Trading Commission, which sought the injunction, “the court concluded that an asset freeze was necessary to protect customer funds.”
The CFTC has sought access to the firm’s records as it seeks to investigate claims that Lake Shore lied to investors about its performance. According to the CFTC, Lake Shore marketing materials claim $1 billion in assets under management and highly profitable trading, though the regulator believes it has actually lost about $29 million.
Lake Shore had argued that the CFTC had no right to look at its records, and after the initial court order of Aug. 28, it appealed and sought a stay of the order, both of which were rejected by the U.S. Court of Appeals for the Seventh Circuit in Chicago last week.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.