He is no Bernie or Danny Pang but Philip Baker is trying to do the midwest proud and raise the region’s profile in the national fraud standings. Baker, former managing director of Chicago-based Lake Shore Asset Management Ltd., who is conveniently nowhere to be found, is accused of using false information to solicit over $300 million from investors to invest in commodity futures. Some of the promises Baker made with his fingers crossed behind his back were:
- that the commodity pools generated positive returns since 1993 — including returns of more than 50 percent in one year — when it actually experienced millions of dollars in trading losses;
– that no management fee would be charged and participants would pay only a “profit incentive fee” if the pools generated profits, when in fact Baker charged more than $30 million in fees and converted millions in investor funds to his own use though the pools were not profitable; and
– that he co-founded Lake Shore in 1993, and it was regulated by U.S. authorities, when in fact he was not officially associated until January 2007. There are no allegations of wrongdoing involving Lake Shore Inc.
Chicago hedge fund director sought for $300 million fraud [Chicago Sun Times]
— Advertisement —
Comments (15)
Leave a comment
You can log in with your account or comment as a guest below.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
That’s the Chicago way
Greg that is a decent piece of journalism – could use a little spice, allegations about deviant sexual behaviour, nude pictures of daughters, but still, you’re improving by the day!
Indiana is not the Midwest?
Greg, keep up the good work! You writing of late is really starting to impress!
Isn’t Citadel in Chicago? Enough said.
Forget this; there’s a guy who ran a Ponzi scheme that’s on the run from Chicago right now!
http://www.chicagobusiness.com/cgi-bin/news.pl?id=34433
@7- yup, mentioned yesterday, try and keep up.
Hey Greg, thanks for the breaking news. This has been out there for months now.
At least you aren’t digging for stories in the opening bell anymore though.
Love, burrs.
How about Eric Bloom of the late Sentinel cash manager to Lakeshore and a memebr of it’s board of directors …he’s still in the city with broad shoulders when are they going to drag his ass into the pokey ?…
no wonder i never heard back about my resume submission.
than print unverified information, and sling mud at people, think, or you have a lot of health? such hacks should be omitted and the mess DASH
than print unverified information, and sling mud at people, think, or you have a lot of health? such hacks should be omitted and the mess DASH
than print unverified information, and sling mud at people, think, or you have a lot of health? such hacks should be omitted and the mess DASH
than print unverified information, and sling mud at people, think, or you have a lot of health? such hacks should be omitted and the mess DASH
I worked for Lake Shore in Canada and Baker is as slick as they come. Thankfully I got out after I found out about his ‘nature’ when I did more digging. He’s a manipulator…I have so many stories to share and I was only there for 6 months before I moved on. Funny, I was helpful in blowing the whistle on him in Toronto. Au revoir Jimmy! Rest in Hell!!!