Legal Opinion
Commodity Futures Trading Commission v. Lake Shore Asset Management Ltd.
Court of Appeals for the Seventh Circuit
Decided May 11, 2011No. 10-1666, 10-1915PublishedCited by 19 opinions
1Opinion of the Court
POSNER, Circuit Judge.
In 2007 and 2008 the Commodity Futures Trading Commission sued Lake Shore Asset Management and other operators of commodity trading pools, all controlled by Philip J. Baker, for fraud and related violations of the Commodity Exchange Act. After proceedings described in our two previous opinions, see 496 F.3d 769 (7th Cir.2007), and 511 F.3d 762 (7th Cir.2007), the district court entered a default judgment against the remaining two defendants (which we’ll refer to jointly as Lake Shore). Lake Shore’s considerable remaining assets ($104 million — 39 percent of the amount…
2Cases cited29 opinions
- Pioneer Investment Services Co. v. Brunswick Associates Ltd. PartnershipSupreme Court of the United States · 1993
- Northern Pacific Railway Co. v. BoydSupreme Court of the United States · 1913
- Bank of America National Trust & Savings Ass'n v. 203 North LaSalle Street PartnershipSupreme Court of the United States · 1999
- In Re Telegroup, Inc. Baroda Hill Investments, Ltd. Leheron Corporation, Ltd. Kimble John Winter v. Telegroup, IncCourt of Appeals for the Third Circuit · 2002
- In Re Longardner & Associates, Inc., Debtor. Appeal of Landahl, Brown & Weed Associates, IncCourt of Appeals for the Seventh Circuit · 1988
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3Cited by19 opinions
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- In re Canopy Financial, Inc.Court of Appeals for the Seventh Circuit · 2013
- Securities & Exchange Commission v. CallahanDistrict Court, E.D. New York · 2016
- Hiatt v. ShahCourt of Appeals of Arizona · 2015
- Seebach v. Beetling Design Corp.District Court, E.D. Wisconsin · 2014
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