Securities Indictment Ends $50 Million Fraud

By Codding, Jamey | Modern Trader, July 2000 | Go to article overview

Securities Indictment Ends $50 Million Fraud


Codding, Jamey, Modern Trader


An undercover investigation of a $50 million securities fraud prompted the arrests of 120 people in mid-June on charges ranging from stock manipulation to violent crimes. The Federal Bureau of Investigation (FBI) conducted the year-long investigation with the help of the Securities and Exchange Commission (SEC) and the National Association of Securities Dealers Regulation, a subsidiary of the NASD.

One of those indicted was Chicago hedge fund manager Glenn Bradley Laken, 46, who was released on $50,000 cash bond after surrendering to authorities on June 14. Laken, a member of the Chicago Mercantile Exchange (CME), president of the commodity trading advisor Lake Futures LLC and manager of the TradeVentureFund, faces charges of racketeering and conspiracy, among others. Specifically, prosecutors accused Laken of allegedly making kickbacks to union officials, some of whom had ties to organized crime. In return, several union members allegedly invested in Laken's TradeVentureFund.

The indictment also states Laken employed Web site operators to help promote the stock price of FinancialWeb.com. Laken, who allegedly held a large position in the stock, could face five to 10 years in prison on charges of wire fraud and conspiracy stock fraud, and three to 20 years on the racketeering, conspiracy and illegal kickback charges. …

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