Thursday, 31 July 2014
Last updated 17 hours 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…