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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Case Information

Case Title

U.S. Commodity Futures Trading Commission v. Lake Shore Asset Management Limited

Case Number



Illinois Northern

Nature of Suit



Honorable Rebecca R. Pallmeyer

Date Filed

June 26, 2007

Government Agencies

UK Financial Services

UK Financial Services

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