Dan Shak Could Really Use His Share Of His Ex-Wife's Shoe Collection Today

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Last year, Dan Shak, the hedge-fund-manager-turned-professional-poker-player, gave up on his effort to take 35% of his ex-wife's $1 million footwear collection/stand-in for a neglectful lover. That $350K would have really come in handy today.

Shak has agreed to pony up $400,000 to settle charges that he manipulated some futures markets. And not for the time he dumped $850 million worth of gold contracts on the market just to see what happened, but for the unrelated two times he sold a ton of oil contracts in an (alleged!) bid to manipulate crude prices.

Without his share of the Louboutins, however, Shak's settlement money will have to come from his poker winnings ($5.7 million and counting!), especially since he won't be trading any regulated oil futures around here any time soon. Or ever.

Daniel Shak, 54, and his fund, SHK Management LLC, must pay a total of $400,000 in civil penalties for violating the Commodity Exchange Act, through a trading gambit known as "banging the close"….

Shak, who reportedly shut his hedge fund in 2011, was barred from trading in regulated crude oil markets again, and received a two-year ban from trading "outrights," or so-called "naked futures," in which a position is not put on as a hedge against risk during the close.

U.S. regulator fines, partially bans poker player from trading [Reuters]

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Hedge Fund Manager Wants 35 Percent Of Ex-Wife's Shoe Collection For Reasons Not Entirely Clear

Daniel Shak is the founder of SHK Management, a hedge fund that reportedly "pulled the plug on its sole investment, spread trades on Comex gold futures," last year. Daniel Shak is also the ex-husband of Beth Shak, who he divorced three years ago and is now suing for allegedly hiding assets in an attempt to cheat him out of settlement money. The assets in question? Twelve hundred pairs of designer shoes, which Shak claims his former wife "hid" from him in a "secret room." The way DS sees it, the footwear collection, which includes "Christian Louboutins and other high-end designer shoes" is worth approximately $1 million and he wants at least 35 percent. The way Beth Shak sees it, this is crazy (“I’m shaking my head over this whole thing,” she told reporters. “He is saying he didn’t know the closet in our master bedroom existed") and she doesn't understand why her ex is going after her shoes now. At this time there appear to be a few possible explanations: a) Daniel is raising money to re-launch his fund (he told the Journal, after liquidating SHK in January 2011, that he'd be "trading again in a few weeks," though it's unclear if that happened). b) He's got gambling debts to repay ("A poker lover himself, he was reached at a card table yesterday but declined to comment"). c) He and John Mack are going to sell them out of the back of a truck. d) He just really appreciates women's shoes. e) Other Hedgie sues poker pro ex-wife over her 1,200-pair designer shoe collection [NYP] Related (...?): Hedge Fund SHK Liquidates, Rattles Gold Market