Missing Lake Shore Exec Charged In $312M Fraud

Law360, New York (June 16, 2009, 12:00 AM EDT) -- The missing managing director of Chicago-based hedge fund Lake Shore Asset Management Ltd. has been charged with defrauding hundreds of investors in a $312 million scheme, federal law enforcement officials announced Tuesday.

Philip J. Baker, 44, faces federal fraud, obstruction of justice and criminal contempt charges for allegedly fraudulently soliciting hundreds of millions of dollars from at least 700 investors, according to a 27-count indictment that was unsealed Monday in the U.S. District Court for the Northern District of Illinois.

The indictment was unsealed to facilitate...
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