Friday, 27 February 2015
Last updated 19 min ago
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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…