Lake Shore Chief Indicted, Arrest Warrant Issued

The head of collapsed hedge fund firm Lake Shore Asset Management has been charged with running a $312 million fraud.

Philip Baker was indicted on 27 counts of wire fraud, obstruction of justice, commodities fraud, embezzlement of commodity pool funds and criminal contempt, federal prosecutors said yesterday after the indictment was unsealed. The criminal charges follow a civil action by the Commodities Futures Trading Commission last year, which barred the fund from trading.