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

Direct Lending: What’s Different Now?

Mar 14 2017 | 8:43pm ET

Senior direct lending funds have become riskier over the past four years, with leverage...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of