CFTC Sues Commodity Pool For Closed Books

Law360, New York (June 28, 2007, 12:00 AM EDT) -- Federal regulators have filed a lawsuit against commodity pool operator Lake Shore Asset Management Ltd., alleging the firm's refusal to open its books for inspection constituted a violation of the Commodity Exchange Act.

The U.S. Commodity Futures Trading Commission has filed a request for an order against Lake Shore with the U.S. District Court for the Northern District of Illinois, claiming the firm declined a request last Thursday to produce its records.

The CFTC alleges the Chicago-based firm, a registered commodity trading advisor (CTA) and commodity...
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