Director of Defunct Lake Shore Asset Management Pleads Guilty to Defrauding 900 Investors in $294 Million Fraud Scheme
CHICAGO - The former managing director of a hedge fund that was forced into receivership by U.S. government regulators pleaded guilty today to fraudulently soliciting and obtaining approximately $294 million from some 900 investors worldwide. The defendant, Philip J. Baker, who controlled Lake Shore Asset Management Ltd., and the Lake Shore Group of Companies, which purportedly traded clients’ funds in several commodity futures pools, pleaded guilty to wire fraud, resolving criminal charges on which he was scheduled to stand trial next month.