Lake Shore Exec Pleads Guilty In $294M Fraud Case

Law360, Chicago (August 24, 2011, 2:39 PM EDT) -- The former managing director of Chicago-based hedge fund Lake Shore Asset Management Ltd. on Wednesday copped to one count of wire fraud under a plea deal with prosecutors, who allege he bilked hundreds of investors out of $294 million.

Philip J. Baker, 46, stood in an orange jumpsuit before U.S. District Judge John W. Darrah to enter his guilty plea less than a month before he was set to be tried on 27 charges of fraud, embezzlement, obstruction of justice and criminal contempt for the alleged...
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