Friday, 27 November 2015
Last updated 1 day 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…