Assets frozen at Lake Shore Asset Management by federal court

Discussion in 'Wall St. News' started by ASusilovic, Jun 28, 2007.

  1. Lake Shore Asset Management Ltd., a hedge fund firm run by a former chairman of the Chicago Mercantile Exchange, had its assets frozen by a federal court after regulators said it overstated its holdings.

    Chicago-based Lake Shore purported to manage $1 billion for investors and traded in U.S. commodities futures contracts, according to the Commodity Futures Trading Commission. A review later showed the fund had about $466 million. Lake Shore barred regulators from inspecting its accounts on June 14, a violation of the Commodity Exchange Act, according to the CFTC's complaint.


    Looks like we have a hedgefund meltdown going on...:mad:
  2. I was worried that Jack or Leo might be involved with that. I hope not.
  3. Why anyone would turn over their funds to be managed by others is beyond understanding.

    You either learn how to trade, or stick it in a mutual fund. How many times does a story need to appear about misappropriations or other fiascos of managed money (not even mentioning, the poor record of most)????
  4. Thank you!

    This KL, you know, the Koreans, went out in WPB, and there were people like Doctors who put some 20mm in that scam. The guy that scooted to Korea let people watch him trade. Right. One guy says, "I saw him make hundreds of thousands right in front of me."

    Anyone remember "The Grifters"????

    Blowup is here. the unwinding will be like the boss showing you survellience video of you screwing the cleaning woman on the copier, just before he fires you, and sends the tape to your wife.
  5. It's run by Larry Rosenberg and Phil Baker.
  6. ROTF:D
  7. Yale University has had spectacular success growing its endowment, by carefully selecting external managers to invest their funds. The head allocator at Yale wrote a (book) about the reasons and the Yale methods. If you are truly interested in learning why (and how) anyone would turn over their funds to be managed by others, this is an excellent place to start.
  8. Xenia


  9. Xenia


    October 29, 2007 -- Media Announcement --

    On Tuesday, October 23, 2007, LSAM´s lead counsel, William Nissen, appeared before the United States Court of Appeals for the Seventh Circuit in Chicago, Illinois USA, and orally presented the company´s legal arguments in its expedited appeal from the district courts injunction and freeze order that included companies that were not sued NOR HAD BEEN SERVED, are not parties to the case and which operate entirely outside the US AND THEREFORE ARE NOT SUBMITTED TO THE JURISDICTION OF THE CFTC. The court also heard argument from the CFTC. Mr. Nissen and the CFTC had previously submitted extended written arguments to the Court. After the oral arguments, the Court took the case under advisement pending the issuance of a formal written opinion, hopefully soon. LSAM will continue to update clients as developments warrant.