Lake Shore Principal Must Pay $274M To CFTC: Judge

Law360, New York (November 21, 2011, 5:34 PM EST) -- An Illinois federal judge on Friday ordered Lake Shore Asset Management Ltd. principal Phillip J. Baker to pay the U.S. Commodity Futures Trading Commission $274 million based on allegations that the commodity pool operator defrauded investors of $294 million.

U.S. District Judge Blanche M. Manning granted the CFTC's motion for entry of a default judgment and the Lake Shore receiver's bid for the release of funds. The order named Baker, Lake Shore and a slew of related companies, which are jointly and severally liable.

“The CFTC's...
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