{"id":24299,"date":"2011-08-25T07:09:35","date_gmt":"2011-08-25T11:09:35","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=24299"},"modified":"2011-08-25T07:09:35","modified_gmt":"2011-08-25T11:09:35","slug":"hedge-fund-fraud-291-8-million-guilty-plea","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2011\/hedge-fund-fraud-291-8-million-guilty-plea.html","title":{"rendered":"Hedge Fund Fraud: $291.8 Million Guilty Plea"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/08\/Fraud-in-Dictionary-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-24300\" title=\"hedge fund fraud\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/08\/Fraud-in-Dictionary-1-300x206.jpg\" alt=\"\" width=\"300\" height=\"206\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2011\/08\/Fraud-in-Dictionary-1-300x206.jpg 300w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2011\/08\/Fraud-in-Dictionary-1.jpg 455w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>New York (HedgeCo.net) &#8211; The manager of the now defunct Chicago hedge fund, Lake Shore Asset Management, has pleaded guilty to a fraud scheme, Reuters reported today.<\/p>\n<p>&#8220;Baker from 2002 to September 2007 obtained the $291.9 million from about 900 investors he fraudulently solicited to invest in commodity pools, for the purpose of trading futures.&#8221; The plea agreement states.<\/p>\n<p>By admitting to one count of wire fraud, the hedge fund manager averted a trial scheduled to begin on September 19, Reuters said. Baker was arrested in Hamburg in July 2009.<\/p>\n<p>Sentencing is scheduled for November 17, 2011, prosecutors will recommend the maximum 20 years in prison. The hedge fund manager will also be made to pay $154.8 million in restitution.<\/p>\n<p>Alex Akesson<br \/>\nEditor for <a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a> is a premier <a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a> and community for qualified and accredited investors only. Membership in <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.net) &#8211; The manager of the now defunct Chicago hedge fund, Lake Shore Asset Management, has pleaded guilty to a fraud scheme, Reuters reported today. &#8220;Baker from 2002 to September 2007 obtained the $291.9 million from about 900 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-24299","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/24299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=24299"}],"version-history":[{"count":2,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/24299\/revisions"}],"predecessor-version":[{"id":24302,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/24299\/revisions\/24302"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=24299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=24299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=24299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}