Hedge Fund Lake Shore Hit With New Charges

Feb 21 2008 | 7:38am ET

Chicago hedge fund Lake Shore Asset Management has been hit with new charges, accusing it of defrauding investors of more than $11 million.

The Commodity Futures Trading Commission alleges that the firm improperly charged investors incentive fees, sending them false account statements indicating substantial profits were made. In fact, the funds lost $37.5 million between 2002 and 2007.

The CFTC has also charged Philip Baker, president of the Lake Shore Group of Companies. Baker is now reportedly residing in Germany.

The regulator first charged Lake Shore last June. The firm’s assets have been frozen since the summer, as the CFTC sought access to the firm’s records.

RELATED STORIES

Hedge Fund Lake Shore Frozen
Ex-Chicago Merc Chairman Quits Hedge Fund
Lake Shore Stays Frozen, Avoids Contempt For Now


In Depth

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note