Laurence Rosenberg, ex-Chairman of hedge fund, Lake Shore Asset Management, has been accused of embezzlement, FINalternatives reports. Rosenberg, a former Chairman of the Chicago Mercantile Exchange, was charged in a civil suit with misappropriating $79,000 by a former business partner.

According to George Kopp, a senior analyst at LaSalle Futures Group, Rosenberg solicited a $100,000 investment from him to start a brokerage. Kopp said Rosenberg agreed in 2005 to settle the matter by purchasing Kopp’s stake for $79,000 but paid only $8,500 and owes the rest, the suit said.

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