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Chicago-Based Lake Shore Asset Management Ltd. Subject To Asset Freeze and Possibly Contempt Of Court
The hedge fund claims that it ran afoul of commodities regulations through an "honest mistake" but so far, the CFTC isn't accepting that excuse. Already the commodities regulator has frozen $228 million of investor money held by the firm, and now requests that a U.S. federal court hold the firm in contempt for continuing to fail to provide documents for inspection.
The CFTC has charged the hedge fund with overstating its assets, giving inconsistent statements to regulators and refusing to make documents available.
The hedge fund is run by a former chairman of the Chicago Mercantile Exchange.
Source: Chicago Tribune
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