Former CME Chairman Facing Embezzlement Charges

Laurence Rosenberg is accused by former business partner of taking $79,000

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    TK
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    CHICAGO - MARCH 17: A logo for the Chicago Mercantile is displayed in the lobby of the exchange March 17, 2008 in Chicago, Illinois. Stocks plunged today at the market open due in part to news of the near collapse and takeover of Bear Stearns. (Photo by Scott Olson/Getty Images)

    Well, it was the go-go seventies.

    Laurence Rosenberg, who led the Chicago Mercantile Exchange between 1977 and 1979, and is facing charges for embezzling a onetime business partner’s funds.

    The money allegedly belonged to plaintiff George Kopp, who had invested $100,000 to start a brokerage in the early 00's. In 2005 Rosenberg agreed to buy Kopp’s stake for $79,000, but his payments stopped at $8,500.

    Rosenberg, 71, told investigators he had no role in the company’s day-to-day trading, the Sun Times reports.

    Rosenberg is known for working with companies that end up having troubled backgrounds.

    He was chairman of Lake Shore Asset Management Ltd., a hedge fund that was eventually shut down by federal regulators after being accused of hiding $30 million in losses from account holders, the Sun Times reports. Rosenberg was not charged in the case, but the company’s managing director, Philip Baker, is a fugitive after having been charged with directing the fraud.

    Read the whole story at Chicago Sun-Times.