Reuters reports that Philip Baker, former managing director of the collapsed Chicago hedge fund Lake Shore Asset Management Ltd, pleaded guilty on Wednesday for his role in what prosecutors called a $291.8 million worldwide fraud.
Baker, a Canadian citizen, admitted to one count of wire fraud, averting a trial scheduled to begin on September 19, according to the office of U.S. Attorney Patrick Fitzgerald in Chicago.
The 46-year-old Baker has been in U.S. custody since December 2009, six months after a 27-count indictment against him was made public. Baker had been living in Hamburg, Germany at the time and was arrested there in July 2009.
Under a plea agreement, prosecutors will recommend the maximum 20 years in prison. Baker will also pay about $154.8 million in restitution. Sentencing is scheduled for November 17 before U.S. District Judge John Darrah in Chicago….
There’s more at http://www.reuters.com/article/2011/08/24/us-baker-hedgefund-plea-idUSTRE77N7JW20110824
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