Ex-Lake Shore Director Gets 20 Years For $294M Fraud

Law360, Chicago (November 17, 2011, 4:40 PM EST) -- The former managing director of Chicago-based hedge fund Lake Shore Asset Management Ltd. was sentenced Thursday to 20 years in prison after striking a plea deal over allegations that he fraudulently pulled in more than $294 million from investors.

U.S. District Judge John W. Darrah gave Philip J. Baker, 46, the maximum statutory sentence for the one count of wire fraud he pled guilty to in August, mere weeks before he was set to be tried on 27 charges including fraud, embezzlement, obstruction of justice and...
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