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August 07, 2007
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Ruth Hong (312) 781-1371, email@example.com
NFA takes additional enforcement action against Lake Shore Asset Management Ltd.
August 7, Chicago - National Futures Association (NFA) announced that it has issued an amended Member Responsibility Action (MRA) to suspend Lake Shore Asset Management Ltd. (Lake Shore), a Commodity Pool Operator and Commodity Trading Advisor with headquarters in Hamilton, Bermuda, from NFA membership until further notice.
NFA issued its initial MRA against Lake Shore and its principal, Laurence M. Rosenberg of Chicago, Illinois, on June 22, 2007. The initial MRA was based on their failure to cooperate with NFA by failing to produce books and records as NFA requested of them. Following the initial MRA, NFA has determined that the profitable performance information that Lake Shore featured on its Web site and promotional materials is misleading and fraudulent as it features positive rates of returns for its funds, when in fact it appears that those funds had lost $29 million in futures trading, of which a substantial portion occurred on U.S futures exchanges.
The amended MRA will remain in effect until Lake Shore is in complete compliance with all NFA requirements. Lake Shore may request a hearing before NFA's Hearing Committee and may petition the Commodity Futures Trading Commission for a stay of this action.
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