guilty of fraud in u.s., hedge fund manager sought prison in canadaguilty of fraud in u.s., hedge fund manager sought prison in canadaguilty of fraud in u.s., hedge fund manager sought prison in canada

by:GF bags     2019-09-10
TORONTO —
40 inmates lined up at the federal corrections agency in dixburg for an interview with The Daily Mail, which is a low
A brick building in central New Jersey.
That was July 2012, and one of the prisoners was Philip Baker.
He used to be a hedge fund manager in his 20 s.
Sentenced to one year in prison for fraud
He used false performance data to attract hundreds of people and institutions to join his fund.
His investors lost hundreds of millions of dollars.
Baker, 46, admitted that he had committed fraud.
\"I\'m a criminal,\" he said recently . \"
But he convinced himself that he should be free.
He is waiting for a letter that may turn his fantasy into reality.
Canadian Baker signed a plea deal a few months ago, which included an unusual warning: prosecutors would not object to the Justice Department transferring him to Canada to serve his sentence.
This transfer is rare.
But Baker knew that if he could convince the Justice Department to give him one, Canada might release him on parole after he served only a fraction of his sentence.
Baker, the Baptist, prayed for the guidance of God.
\"Only he can determine my direction,\" he said in a series of interviews about his life and crime.
In the TV room of the prison, an email guard called out the prisoner\'s name and number.
22856-Philip Baker424.
Baker took a step forward.
The guard handed him a thin envelope with a reply address from the Justice Department.
Assuming it was more paperwork, he took it apart --
I can\'t believe what he saw.
He began to tremble.
He felt like someone was staring at him.
\"I want to vomit,\" he said . \"
After the past decade of the financial crisis, the federal government is expected to target top financiers: fund managers, bankers, mortgage lenders and Wall Street executives who help drive the global economic collapse.
But there are very few prosecutions.
Exceptions are relatively vague or relatively junior industry participants who are easily able to establish cases but are not primarily responsible for the crisis.
This account of bakelon
The previously unreported attempt to flee to Canada was based on interviews with him and his family, as well as his lawyers, former colleagues and current and former government officials, in addition, the same is true of thousands of pages of legal documents, internal emails and other records of hedge funds that Baker has closed down.
Philip Baker grew up in a middle school.
Class families in Toronto.
One of his earliest memories happened in the hospital.
He was born with a heart defect and needed surgery when he was 7.
During the operation, his parents walked out of his ward.
\"I thought they were going to abandon me,\" he said . \"
This fear has always been with him, nurturing the desire to please parents and other authorities.
As a boy, he showed an affinity for finance.
While his friend was playing with toy soldiers, he carried a bag and pretended to be a stockbroker.
But his early experience in the financial industry did not go well.
After dropping out of Liberty University in Lynchburg, Virginia, he finally came to Refco, a brokerage firm.
Colleagues remember a man who was not safe and his nickname was Philip Buster because he tended to talk endlessly.
He married a woman from a wealthy Canadian family, the heir to Hollywood\'s media wealth.
The couple have five children in Windsor, Ontario.
\"I always wanted to impress that family,\" Baker said . \".
To prove himself a successful entrepreneur, he pulled out of Refco and set up his own hedge fund. The fund failed.
Baker lied to his wife.
He found a new job at a big bank in Detroit.
For months, he wore a suit and pretended to go to work through the Detroit River.
He said that one day his wife tried to call him in the office.
The bank told her that no one named Philip Baker was working there.
Baker recalled what she said to him when she came home that night: \"go out.
\"The marriage is over. (
She declined to be interviewed. )
He\'s hiding in a friend\'s basement.
One morning he caught one. 22-
Caliber rifle, open to a forest outside the city.
He called John Kurgan, a former colleague of Refco, and said he was ready to commit suicide.
\"Slow down, cowboy,\" Kurgan responded.
He told Baker that he had a job in Toronto.
Kourgan then noticed that Baker called the recorded Refco line and jokingly asked him if he could sell the audio for suicide.
Baker was angered by the comments.
But it freed him from a suicide coma.
What happened next laid the foundation for Baker\'s later failure.
According to Baker\'s plea deal with him, he did business with Kurgan.
They formed a new commodity.
Trading hedge funds, management of Lake assets.
Baker lined up for customers, and Kurgan made a lot of transactions.
Kurgan was not accused of misconduct.
In an interview, he declined to describe his role in the business.
\"This is what happened many years ago,\" he said . \"
A basement hedge fund opens a shop in another basement.
This is his parents\' home in northern Toronto.
He raised more than $10 million for the fund.
From the hedge fund\'s point of view, this amount is small, but it is enough for Lakeshore banks to start trading in February 2002.
The fund started very badly.
That summer, assets of a futures trading fund lost 48%.
Baker accused Kurgan of not doing well.
In order to cover up the losses, Lakeshore made up data showing outstanding performance.
Baker shares these false figures with current and potential customers.
A marketing manual lists annual returns of more than 30%.
Another man lied that the company had 14-
Annual investment record
Kurgan, who now works at Royal Bank of Canada, accused Baker of \"trying to get my name dirty\" and noted that \"the justice system clearly found him guilty.
Kurgan did not respond to detailed follow-up
Send him questions by email.
Baker knew he had committed fraud.
\"I didn\'t stand up for my clients,\" he said . \" He added that he did not want to betray Kurgan, who he believed prevented his suicide.
\"I became too loyal.
The company has attracted hundreds of new customers.
Royal Bank of Canada has invested millions of dollars, and EquiGenesis, Toronto monetary manager specializing in taxation, has also invested millions of dollars.
Efficient investment and charitable donations.
Kenneth M said the lake shore \"left an impression of credibility \".
Gordon, President eichkins.
The Lakeshore staff has grown to more than a dozen traders and salespeople.
It has offices in London and Geneva.
Leading financial executives, including Lawrence Rosenberg, former chairman of the Chicago Mercantile Exchange, also joined the board.
Baker bought a custom suit.
He hired a housekeeper.
One night, at a club in Hamburg, Germany, he met a tall blonde from Kazakhstan, Kristina marichenko.
They started dating.
Baker made millions.
He said it exceeded $7 million in the first half of 2007 alone.
He feels like he\'s proving himself.
\"I chase pride and vanity,\" he said . \"
He described himself as \"at the forefront of happiness \".
The siren song on the U. S. Coast wants to enter the U. S. market.
It has set up a website for the United States. S. investors.
It turned out to be a key mistake. A self-
The regulator of the National Futures Association began to review the lake shore.
The organization alerted the Commodity Futures Trading Commission to claims that appeared suspicious on the website.
The committee concluded that the Lakeshore had been soliciting the views of the United States. S.
Clients without legal authorization
Kurgan began to keep a distance from the fund.
He emailed Baker, \"If you have listed me as a director, partner or any other title of any Lakeshore entity through your kindness, please delete my name immediately.
As investigators look deeper, they realize that the fund has been hiding its history and performance.
The problem deepened in August 2007, when cash
The management company holding the assets of the lake bank filed for bankruptcy.
The company\'s customers have little money left and are now locked up by a bankrupt company.
The Commodity Trading Commission filed civil fraud charges against Baker and Lakeshore.
A federal judge was convinced that Baker was at large and concealed the evidence, bringing the case to the local United States. S.
Attorney\'s office in charge of criminal investigation
FBI agents interviewed Baker\'s colleagues on the shore of the lake.
Kurgan told them that he did not have a formal role on the lake shore, but an external agent on the lake shore, according to the FBI\'s summary of the interview.
According to the Federal Bureau of Investigation, about 700 customers on the lake shore lost more than $0. 3 billion.
Investigators believe that Baker and the rest of the company have taken away at least $11 million for their personal use.
On February 2009, a grand jury returned a sealed 27-
Indictment accusing Baker of fraud, embezzlement of public funds and obstruction of justice.
His colleague was not prosecuted.
That month, Baker married Malychenko at a civil ceremony in Hamburg, Germany.
He said he did not know that he had been prosecuted or even that he was wanted.
He says he is trying to focus on the future as the lake shore is dead.
\"God has a different plan and I move on,\" he said . \".
However, investigators are moving in.
A few months later, in June 2009, Patrick J.
D. F. S.
A Chicago lawyer has announced criminal charges and described Baker as a fugitive.
The Justice Department issued an international arrest warrant through Interpol.
Within a few weeks-
Just a few days after Baker and malichenko celebrated their wedding in black.
Burger Yacht Club tie party
A pair of plainclothes German police appeared at Baker\'s door.
They escorted him to the car.
His new wife gave him a kiss.
Baker was held in a prison near Hamburg airport.
One day, an official from the Canadian embassy came to visit with a booklet introducing Baker\'s rights as a citizen of Canada.
One of the rights he has learned is: if he is convicted in the United States, under an international treaty, he has the right to apply for transfer to Canada to serve his sentence.
\"That\'s when I start thinking about how to solve this problem,\" he said . \".
In December 2009, after five months in a German prison, Baker made friends with prisoners, the United StatesS.
The bailiff sent him to Chicago, where he was placed at the Metropolitan Correctional Center.
A few months later, he waited for the date of the trial, and Baker learned the rhythm of the prison.
The most important thing, he said, is to convince other prisoners that he is not a child molesting person.
He told them he was a Wall Street liar.
Prosecutors think they have a clear idea.
Filed a lawsuit against him.
But in April 2010, the court
The designated receiver, who oversees the bankruptcy of the lake shore, issued a report saying that Kurgan was part of the owner of the lake shore and its subsidiaries and played an official role in these companies.
This masks Baker\'s own prosecution statement of action. Clifford C.
The chief prosecutor in charge of the case, history, summoned Baker to discuss the report.
Baker argues that this proves that he should not be punished alone.
He also said that the commodity trading Commission used the lake shore as a scapegoat, and after failing to prevent other hedge funds from going bankrupt, they showed their law enforcement power.
He was asked to give evidence.
Baker used the computer in the prison library and spent months screening electronic documents before submitting his case to history.
Prosecutors did not agree that Baker was the victim of a government conspiracy.
But in Baker\'s final plea agreement, the prosecutor said that Baker did have a partner, described as \"a man,\" who misrepresented the return on the lake shore and misappropriated the money.
According to A person involved in the investigation, \"personal A\" refers to kurgan, who has no right to speak publicly about the plea documents.
Baker and his lawyer, Daniel L.
There are not many legal options for former prosecutor rush Baum.
Baker remembered the Canadian treaty he had learned in Germany.
Since the end of 1970, the United States has concluded a series of treaties
Transfer of border prisoners
Midnight Express is the foundation of a 1978 film about a young American imprisoned in Turkey.
According to a 2005 government report, from 97% to 2010, the Department of Justice rejected 2011 of all transfer applications.
One reason is that federal prosecutors often object to the transfer on the basis that the prisoner will not serve his sentence if it is handed over.
This gives Rashbaum the idea.
If he can get AmericaS.
To support the transfer of the justice office to Canada, perhaps Justice Department officials in Washington will agree.
Rush Baum recalled that Canadians might soon let Baker out.
In this case, the length of his sentence in the United States is not important.
Rashbaum made a suggestion to history: Baker will admit guilt and accept 20-
If the prosecutor does not object to his transfer to Canada, he will be sentenced to one year in prison with no chance of parole.
Hested said in an interview that he knew the defense wanted the strategy to bring Baker\'s freedom, but he wondered if it would work.
More importantly, he knew the trial would be time.
For the government, consumption and risk are high, in part because Baker may raise questions in front of the jury about why he is on his own.
So Heather agreed to the deal.
\"For us, it is important that he is brought to justice in the United States,\" he said in an interview . \". On Aug.
2011 Baker was offered to sign a plea agreement. He was nervous;
His lawyer was scared.
\"Pleading with someone for 20 years of fear under a creative plan scares me,\" says Rashbaum . \".
Baker took a deep breath and signed the document.
Rashbaum walked to the parking lot and threw up.
Bill of $154,831,682
The government\'s press release declaring Baker guilty and sentenced did not mention the possibility of being transferred to Canada.
There was no report in the newspaper.
Before Baker left Chicago to start serving his sentence, he received a $154,831,682 bill from the Justice Department.
32 return.
\"We strongly urge you to pay this debt back immediately,\" the bill said . \".
He also received a divorce certificate from his wife.
Baker submitted his transfer request in April 2012.
He knew it was a gamble.
He did not pay any compensation, and the guidelines of the Department of Justice listed outstanding fines as the reason for rejecting such applications.
On the other hand, the department has recently been criticized for being stingy in approving international transfers.
Three months later, Baker was in the mail.
Called and opened the letter that would change his life.
\"The United States has approved a request to transfer the above items to Canada --
It was named Canadian National.
Baker felt dizzy.
He swept the letter again to make sure there was nothing wrong with it.
Then he walked back to his cell.
\"I think God really stepped in,\" he said . \".
He was imprisoned for about three years.
5 months in Germany, 2 years in Chicago, 7 months in Fort dikes
After being convicted of a single crime of fraud
He may therefore be eligible for parole in Canada.
Prosecutor history said he was surprised by the speed of the decision.
\"Would it change our position if we knew he would be immediately approved for the transfer? \" he said. \"Perhaps.
\"Another big deal in HurdleBaker\'s transfer to Canada still needs the approval of the authorities there.
The then Minister of Public Security, Vic TOIS, believes that this transfer constitutes a public --safety risks.
Baker wrote that because he had lived in Germany, he intended to \"abandon Canada as his permanent place of residence \".
\"The application was rejected.
\"I always think the problem is America. S.
The government, not Canadians . \"
He convinced himself that freedom was coming.
Now he\'s stuck in New Jersey.
He accepted the prospect of spending a few years in prison and began teaching yoga.
He advised the guards on investment.
He found a job in the prison to beautify the environment.
His monthly salary is $18, of which several dollars are devoted to the repayment of his $0. 155 billion debt.
He began to write about his experience.
Not sure how his story will end, he finished a fictional scene where he was reunited with his father on the lake where he sailed as a child.
After Baker was imprisoned in the United States for nearly six years, and Canada elected a new government, Baker felt an opportunity.
Perhaps the new government will have a more positive attitude towards prisoner transfer. He reapplied.
This time, it succeeded.
On May 10, 2016, another letter from Ottawa was received.
The minister of public safety of Canada said, \"You have been approved to transfer to Canada.
\"Last fall, Baker reached a minimum by bus across the Canadian border --Security Prison
He can cook and fish by himself.
Two months later, his case manager called him and asked him, \"Do you want to go home ? \"?
\"It was his mother\'s birthday.
The prison gave him a winter coat and a bus ticket to Toronto.
On the bus, Baker borrowed a passenger\'s cell phone to call his father. \"I\'m on a bus! \" he exclaimed.
\"I began to cry,\" recalled his father, William Baker . \".
The old Baker told his wife that he would take her to dinner.
The place was a surprise, he said.
He drove to a shopping center in northeast Toronto.
Their son was standing outside an Old Navy shop.
It was not announced at BasementBaker\'s press conference.
His former colleague, his first wife, the bank customer who lost money
No one knows he\'s out.
\"I\'m sorry that he\'s out of prison because that\'s where he is,\" said Rosenberg, former director of Lake Shore.
\"He has done so many people.
Baker moved back to his parents\' basement.
He set up a small office with some equipment.
A gold pencil case, a picture of a yacht
In the days of the Lake
He interviewed for a job as a financial advisor.
He intends to turn his prison book into a book.
He found himself wrong.
In prison, he had envisioned that if he had arrived in Canada, the US authorities would not have pursued him for $0. 155 billion owed him.
But this summer, a lawyer he consulted revealed that the receiver of the lake bank bankruptcy could hunt him and any money he earned through the Canadian civil court.
Baker is free.
But it is impossible for him to get rid of the shadow of his previous life.
\"I\'m finished,\" he said . \"TORONTO —
40 inmates lined up at the federal corrections agency in dixburg for an interview with The Daily Mail, which is a low
A brick building in central New Jersey.
That was July 2012, and one of the prisoners was Philip Baker.
He used to be a hedge fund manager in his 20 s.
Sentenced to one year in prison for fraud
He used false performance data to attract hundreds of people and institutions to join his fund.
His investors lost hundreds of millions of dollars.
Baker, 46, admitted that he had committed fraud.
\"I\'m a criminal,\" he said recently . \"
But he convinced himself that he should be free.
He is waiting for a letter that may turn his fantasy into reality.
Canadian Baker signed a plea deal a few months ago, which included an unusual warning: prosecutors would not object to the Justice Department transferring him to Canada to serve his sentence.
This transfer is rare.
But Baker knew that if he could convince the Justice Department to give him one, Canada might release him on parole after he served only a fraction of his sentence.
Baker, the Baptist, prayed for the guidance of God.
\"Only he can determine my direction,\" he said in a series of interviews about his life and crime.
In the TV room of the prison, an email guard called out the prisoner\'s name and number.
22856-Philip Baker424.
Baker took a step forward.
The guard handed him a thin envelope with a reply address from the Justice Department.
Assuming it was more paperwork, he took it apart --
I can\'t believe what he saw.
He began to tremble.
He felt like someone was staring at him.
\"I want to vomit,\" he said . \"
After the past decade of the financial crisis, the federal government is expected to target top financiers: fund managers, bankers, mortgage lenders and Wall Street executives who help drive the global economic collapse.
But there are very few prosecutions.
Exceptions are relatively vague or relatively junior industry participants who are easily able to establish cases but are not primarily responsible for the crisis.
This account of bakelon
The previously unreported attempt to flee to Canada was based on interviews with him and his family, as well as his lawyers, former colleagues and current and former government officials, in addition, the same is true of thousands of pages of legal documents, internal emails and other records of hedge funds that Baker has closed down.
Philip Baker grew up in a middle school.
Class families in Toronto.
One of his earliest memories happened in the hospital.
He was born with a heart defect and needed surgery when he was 7.
During the operation, his parents walked out of his ward.
\"I thought they were going to abandon me,\" he said . \"
This fear has always been with him, nurturing the desire to please parents and other authorities.
As a boy, he showed an affinity for finance.
While his friend was playing with toy soldiers, he carried a bag and pretended to be a stockbroker.
But his early experience in the financial industry did not go well.
After dropping out of Liberty University in Lynchburg, Virginia, he finally came to Refco, a brokerage firm.
Colleagues remember a man who was not safe and his nickname was Philip Buster because he tended to talk endlessly.
He married a woman from a wealthy Canadian family, the heir to Hollywood\'s media wealth.
The couple have five children in Windsor, Ontario.
\"I always wanted to impress that family,\" Baker said . \".
To prove himself a successful entrepreneur, he pulled out of Refco and set up his own hedge fund. The fund failed.
Baker lied to his wife.
He found a new job at a big bank in Detroit.
For months, he wore a suit and pretended to go to work through the Detroit River.
He said that one day his wife tried to call him in the office.
The bank told her that no one named Philip Baker was working there.
Baker recalled what she said to him when she came home that night: \"go out.
\"The marriage is over. (
She declined to be interviewed. )
He\'s hiding in a friend\'s basement.
One morning he caught one. 22-
Caliber rifle, open to a forest outside the city.
He called John Kurgan, a former colleague of Refco, and said he was ready to commit suicide.
\"Slow down, cowboy,\" Kurgan responded.
He told Baker that he had a job in Toronto.
Kourgan then noticed that Baker called the recorded Refco line and jokingly asked him if he could sell the audio for suicide.
Baker was angered by the comments.
But it freed him from a suicide coma.
What happened next laid the foundation for Baker\'s later failure.
According to Baker\'s plea deal with him, he did business with Kurgan.
They formed a new commodity.
Trading hedge funds, management of Lake assets.
Baker lined up for customers, and Kurgan made a lot of transactions.
Kurgan was not accused of misconduct.
In an interview, he declined to describe his role in the business.
\"This is what happened many years ago,\" he said . \"
A basement hedge fund opens a shop in another basement.
This is his parents\' home in northern Toronto.
He raised more than $10 million for the fund.
From the hedge fund\'s point of view, this amount is small, but it is enough for Lakeshore banks to start trading in February 2002.
The fund started very badly.
That summer, assets of a futures trading fund lost 48%.
Baker accused Kurgan of not doing well.
In order to cover up the losses, Lakeshore made up data showing outstanding performance.
Baker shares these false figures with current and potential customers.
A marketing manual lists annual returns of more than 30%.
Another man lied that the company had 14-
Annual investment record
Kurgan, who now works at Royal Bank of Canada, accused Baker of \"trying to get my name dirty\" and noted that \"the justice system clearly found him guilty.
Kurgan did not respond to detailed follow-up
Send him questions by email.
Baker knew he had committed fraud.
\"I didn\'t stand up for my clients,\" he said . \" He added that he did not want to betray Kurgan, who he believed prevented his suicide.
\"I became too loyal.
The company has attracted hundreds of new customers.
Royal Bank of Canada has invested millions of dollars, and EquiGenesis, Toronto monetary manager specializing in taxation, has also invested millions of dollars.
Efficient investment and charitable donations.
Kenneth M said the lake shore \"left an impression of credibility \".
Gordon, President eichkins.
The Lakeshore staff has grown to more than a dozen traders and salespeople.
It has offices in London and Geneva.
Leading financial executives, including Lawrence Rosenberg, former chairman of the Chicago Mercantile Exchange, also joined the board.
Baker bought a custom suit.
He hired a housekeeper.
One night, at a club in Hamburg, Germany, he met a tall blonde from Kazakhstan, Kristina marichenko.
They started dating.
Baker made millions.
He said it exceeded $7 million in the first half of 2007 alone.
He feels like he\'s proving himself.
\"I chase pride and vanity,\" he said . \"
He described himself as \"at the forefront of happiness \".
The siren song on the U. S. Coast wants to enter the U. S. market.
It has set up a website for the United States. S. investors.
It turned out to be a key mistake. A self-
The regulator of the National Futures Association began to review the lake shore.
The organization alerted the Commodity Futures Trading Commission to claims that appeared suspicious on the website.
The committee concluded that the Lakeshore had been soliciting the views of the United States. S.
Clients without legal authorization
Kurgan began to keep a distance from the fund.
He emailed Baker, \"If you have listed me as a director, partner or any other title of any Lakeshore entity through your kindness, please delete my name immediately.
As investigators look deeper, they realize that the fund has been hiding its history and performance.
The problem deepened in August 2007, when cash
The management company holding the assets of the lake bank filed for bankruptcy.
The company\'s customers have little money left and are now locked up by a bankrupt company.
The Commodity Trading Commission filed civil fraud charges against Baker and Lakeshore.
A federal judge was convinced that Baker was at large and concealed the evidence, bringing the case to the local United States. S.
Attorney\'s office in charge of criminal investigation
FBI agents interviewed Baker\'s colleagues on the shore of the lake.
Kurgan told them that he did not have a formal role on the lake shore, but an external agent on the lake shore, according to the FBI\'s summary of the interview.
According to the Federal Bureau of Investigation, about 700 customers on the lake shore lost more than $0. 3 billion.
Investigators believe that Baker and the rest of the company have taken away at least $11 million for their personal use.
On February 2009, a grand jury returned a sealed 27-
Indictment accusing Baker of fraud, embezzlement of public funds and obstruction of justice.
His colleague was not prosecuted.
That month, Baker married Malychenko at a civil ceremony in Hamburg, Germany.
He said he did not know that he had been prosecuted or even that he was wanted.
He says he is trying to focus on the future as the lake shore is dead.
\"God has a different plan and I move on,\" he said . \".
However, investigators are moving in.
A few months later, in June 2009, Patrick J.
D. F. S.
A Chicago lawyer has announced criminal charges and described Baker as a fugitive.
The Justice Department issued an international arrest warrant through Interpol.
Within a few weeks-
Just a few days after Baker and malichenko celebrated their wedding in black.
Burger Yacht Club tie party
A pair of plainclothes German police appeared at Baker\'s door.
They escorted him to the car.
His new wife gave him a kiss.
Baker was held in a prison near Hamburg airport.
One day, an official from the Canadian embassy came to visit with a booklet introducing Baker\'s rights as a citizen of Canada.
One of the rights he has learned is: if he is convicted in the United States, under an international treaty, he has the right to apply for transfer to Canada to serve his sentence.
\"That\'s when I start thinking about how to solve this problem,\" he said . \".
In December 2009, after five months in a German prison, Baker made friends with prisoners, the United StatesS.
The bailiff sent him to Chicago, where he was placed at the Metropolitan Correctional Center.
A few months later, he waited for the date of the trial, and Baker learned the rhythm of the prison.
The most important thing, he said, is to convince other prisoners that he is not a child molesting person.
He told them he was a Wall Street liar.
Prosecutors think they have a clear idea.
Filed a lawsuit against him.
But in April 2010, the court
The designated receiver, who oversees the bankruptcy of the lake shore, issued a report saying that Kurgan was part of the owner of the lake shore and its subsidiaries and played an official role in these companies.
This masks Baker\'s own prosecution statement of action. Clifford C.
The chief prosecutor in charge of the case, history, summoned Baker to discuss the report.
Baker argues that this proves that he should not be punished alone.
He also said that the commodity trading Commission used the lake shore as a scapegoat, and after failing to prevent other hedge funds from going bankrupt, they showed their law enforcement power.
He was asked to give evidence.
Baker used the computer in the prison library and spent months screening electronic documents before submitting his case to history.
Prosecutors did not agree that Baker was the victim of a government conspiracy.
But in Baker\'s final plea agreement, the prosecutor said that Baker did have a partner, described as \"a man,\" who misrepresented the return on the lake shore and misappropriated the money.
According to A person involved in the investigation, \"personal A\" refers to kurgan, who has no right to speak publicly about the plea documents.
Baker and his lawyer, Daniel L.
There are not many legal options for former prosecutor rush Baum.
Baker remembered the Canadian treaty he had learned in Germany.
Since the end of 1970, the United States has concluded a series of treaties
Transfer of border prisoners
Midnight Express is the foundation of a 1978 film about a young American imprisoned in Turkey.
According to a 2005 government report, from 97% to 2010, the Department of Justice rejected 2011 of all transfer applications.
One reason is that federal prosecutors often object to the transfer on the basis that the prisoner will not serve his sentence if it is handed over.
This gives Rashbaum the idea.
If he can get AmericaS.
To support the transfer of the justice office to Canada, perhaps Justice Department officials in Washington will agree.
Rush Baum recalled that Canadians might soon let Baker out.
In this case, the length of his sentence in the United States is not important.
Rashbaum made a suggestion to history: Baker will admit guilt and accept 20-
If the prosecutor does not object to his transfer to Canada, he will be sentenced to one year in prison with no chance of parole.
Hested said in an interview that he knew the defense wanted the strategy to bring Baker\'s freedom, but he wondered if it would work.
More importantly, he knew the trial would be time.
For the government, consumption and risk are high, in part because Baker may raise questions in front of the jury about why he is on his own.
So Heather agreed to the deal.
\"For us, it is important that he is brought to justice in the United States,\" he said in an interview . \". On Aug.
2011 Baker was offered to sign a plea agreement. He was nervous;
His lawyer was scared.
\"Pleading with someone for 20 years of fear under a creative plan scares me,\" says Rashbaum . \".
Baker took a deep breath and signed the document.
Rashbaum walked to the parking lot and threw up.
Bill of $154,831,682
The government\'s press release declaring Baker guilty and sentenced did not mention the possibility of being transferred to Canada.
There was no report in the newspaper.
Before Baker left Chicago to start serving his sentence, he received a $154,831,682 bill from the Justice Department.
32 return.
\"We strongly urge you to pay this debt back immediately,\" the bill said . \".
He also received a divorce certificate from his wife.
Baker submitted his transfer request in April 2012.
He knew it was a gamble.
He did not pay any compensation, and the guidelines of the Department of Justice listed outstanding fines as the reason for rejecting such applications.
On the other hand, the department has recently been criticized for being stingy in approving international transfers.
Three months later, Baker was in the mail.
Called and opened the letter that would change his life.
\"The United States has approved a request to transfer the above items to Canada --
It was named Canadian National.
Baker felt dizzy.
He swept the letter again to make sure there was nothing wrong with it.
Then he walked back to his cell.
\"I think God really stepped in,\" he said . \".
He was imprisoned for about three years.
5 months in Germany, 2 years in Chicago, 7 months in Fort dikes
After being convicted of a single crime of fraud
He may therefore be eligible for parole in Canada.
Prosecutor history said he was surprised by the speed of the decision.
\"Would it change our position if we knew he would be immediately approved for the transfer? \" he said. \"Perhaps.
\"Another big deal in HurdleBaker\'s transfer to Canada still needs the approval of the authorities there.
The then Minister of Public Security, Vic TOIS, believes that this transfer constitutes a public --safety risks.
Baker wrote that because he had lived in Germany, he intended to \"abandon Canada as his permanent place of residence \".
\"The application was rejected.
\"I always think the problem is America. S.
The government, not Canadians . \"
He convinced himself that freedom was coming.
Now he\'s stuck in New Jersey.
He accepted the prospect of spending a few years in prison and began teaching yoga.
He advised the guards on investment.
He found a job in the prison to beautify the environment.
His monthly salary is $18, of which several dollars are devoted to the repayment of his $0. 155 billion debt.
He began to write about his experience.
Not sure how his story will end, he finished a fictional scene where he was reunited with his father on the lake where he sailed as a child.
After Baker was imprisoned in the United States for nearly six years, and Canada elected a new government, Baker felt an opportunity.
Perhaps the new government will have a more positive attitude towards prisoner transfer. He reapplied.
This time, it succeeded.
On May 10, 2016, another letter from Ottawa was received.
The minister of public safety of Canada said, \"You have been approved to transfer to Canada.
\"Last fall, Baker reached a minimum by bus across the Canadian border --Security Prison
He can cook and fish by himself.
Two months later, his case manager called him and asked him, \"Do you want to go home ? \"?
\"It was his mother\'s birthday.
The prison gave him a winter coat and a bus ticket to Toronto.
On the bus, Baker borrowed a passenger\'s cell phone to call his father. \"I\'m on a bus! \" he exclaimed.
\"I began to cry,\" recalled his father, William Baker . \".
The old Baker told his wife that he would take her to dinner.
The place was a surprise, he said.
He drove to a shopping center in northeast Toronto.
Their son was standing outside an Old Navy shop.
It was not announced at BasementBaker\'s press conference.
His former colleague, his first wife, the bank customer who lost money
No one knows he\'s out.
\"I\'m sorry that he\'s out of prison because that\'s where he is,\" said Rosenberg, former director of Lake Shore.
\"He has done so many people.
Baker moved back to his parents\' basement.
He set up a small office with some equipment.
A gold pencil case, a picture of a yacht
In the days of the Lake
He interviewed for a job as a financial advisor.
He intends to turn his prison book into a book.
He found himself wrong.
In prison, he had envisioned that if he had arrived in Canada, the US authorities would not have pursued him for $0. 155 billion owed him.
But this summer, a lawyer he consulted revealed that the receiver of the lake bank bankruptcy could hunt him and any money he earned through the Canadian civil court.
Baker is free.
But it is impossible for him to get rid of the shadow of his previous life.
\"I\'m finished,\" he said . \"TORONTO —
40 inmates lined up at the federal corrections agency in dixburg for an interview with The Daily Mail, which is a low
A brick building in central New Jersey.
That was July 2012, and one of the prisoners was Philip Baker.
He used to be a hedge fund manager in his 20 s.
Sentenced to one year in prison for fraud
He used false performance data to attract hundreds of people and institutions to join his fund.
His investors lost hundreds of millions of dollars.
Baker, 46, admitted that he had committed fraud.
\"I\'m a criminal,\" he said recently . \"
But he convinced himself that he should be free.
He is waiting for a letter that may turn his fantasy into reality.
Canadian Baker signed a plea deal a few months ago, which included an unusual warning: prosecutors would not object to the Justice Department transferring him to Canada to serve his sentence.
This transfer is rare.
But Baker knew that if he could convince the Justice Department to give him one, Canada might release him on parole after he served only a fraction of his sentence.
Baker, the Baptist, prayed for the guidance of God.
\"Only he can determine my direction,\" he said in a series of interviews about his life and crime.
In the TV room of the prison, an email guard called out the prisoner\'s name and number.
22856-Philip Baker424.
Baker took a step forward.
The guard handed him a thin envelope with a reply address from the Justice Department.
Assuming it was more paperwork, he took it apart --
I can\'t believe what he saw.
He began to tremble.
He felt like someone was staring at him.
\"I want to vomit,\" he said . \"
After the past decade of the financial crisis, the federal government is expected to target top financiers: fund managers, bankers, mortgage lenders and Wall Street executives who help drive the global economic collapse.
But there are very few prosecutions.
Exceptions are relatively vague or relatively junior industry participants who are easily able to establish cases but are not primarily responsible for the crisis.
This account of bakelon
The previously unreported attempt to flee to Canada was based on interviews with him and his family, as well as his lawyers, former colleagues and current and former government officials, in addition, the same is true of thousands of pages of legal documents, internal emails and other records of hedge funds that Baker has closed down.
Philip Baker grew up in a middle school.
Class families in Toronto.
One of his earliest memories happened in the hospital.
He was born with a heart defect and needed surgery when he was 7.
During the operation, his parents walked out of his ward.
\"I thought they were going to abandon me,\" he said . \"
This fear has always been with him, nurturing the desire to please parents and other authorities.
As a boy, he showed an affinity for finance.
While his friend was playing with toy soldiers, he carried a bag and pretended to be a stockbroker.
But his early experience in the financial industry did not go well.
After dropping out of Liberty University in Lynchburg, Virginia, he finally came to Refco, a brokerage firm.
Colleagues remember a man who was not safe and his nickname was Philip Buster because he tended to talk endlessly.
He married a woman from a wealthy Canadian family, the heir to Hollywood\'s media wealth.
The couple have five children in Windsor, Ontario.
\"I always wanted to impress that family,\" Baker said . \".
To prove himself a successful entrepreneur, he pulled out of Refco and set up his own hedge fund. The fund failed.
Baker lied to his wife.
He found a new job at a big bank in Detroit.
For months, he wore a suit and pretended to go to work through the Detroit River.
He said that one day his wife tried to call him in the office.
The bank told her that no one named Philip Baker was working there.
Baker recalled what she said to him when she came home that night: \"go out.
\"The marriage is over. (
She declined to be interviewed. )
He\'s hiding in a friend\'s basement.
One morning he caught one. 22-
Caliber rifle, open to a forest outside the city.
He called John Kurgan, a former colleague of Refco, and said he was ready to commit suicide.
\"Slow down, cowboy,\" Kurgan responded.
He told Baker that he had a job in Toronto.
Kourgan then noticed that Baker called the recorded Refco line and jokingly asked him if he could sell the audio for suicide.
Baker was angered by the comments.
But it freed him from a suicide coma.
What happened next laid the foundation for Baker\'s later failure.
According to Baker\'s plea deal with him, he did business with Kurgan.
They formed a new commodity.
Trading hedge funds, management of Lake assets.
Baker lined up for customers, and Kurgan made a lot of transactions.
Kurgan was not accused of misconduct.
In an interview, he declined to describe his role in the business.
\"This is what happened many years ago,\" he said . \"
A basement hedge fund opens a shop in another basement.
This is his parents\' home in northern Toronto.
He raised more than $10 million for the fund.
From the hedge fund\'s point of view, this amount is small, but it is enough for Lakeshore banks to start trading in February 2002.
The fund started very badly.
That summer, assets of a futures trading fund lost 48%.
Baker accused Kurgan of not doing well.
In order to cover up the losses, Lakeshore made up data showing outstanding performance.
Baker shares these false figures with current and potential customers.
A marketing manual lists annual returns of more than 30%.
Another man lied that the company had 14-
Annual investment record
Kurgan, who now works at Royal Bank of Canada, accused Baker of \"trying to get my name dirty\" and noted that \"the justice system clearly found him guilty.
Kurgan did not respond to detailed follow-up
Send him questions by email.
Baker knew he had committed fraud.
\"I didn\'t stand up for my clients,\" he said . \" He added that he did not want to betray Kurgan, who he believed prevented his suicide.
\"I became too loyal.
The company has attracted hundreds of new customers.
Royal Bank of Canada has invested millions of dollars, and EquiGenesis, Toronto monetary manager specializing in taxation, has also invested millions of dollars.
Efficient investment and charitable donations.
Kenneth M said the lake shore \"left an impression of credibility \".
Gordon, President eichkins.
The Lakeshore staff has grown to more than a dozen traders and salespeople.
It has offices in London and Geneva.
Leading financial executives, including Lawrence Rosenberg, former chairman of the Chicago Mercantile Exchange, also joined the board.
Baker bought a custom suit.
He hired a housekeeper.
One night, at a club in Hamburg, Germany, he met a tall blonde from Kazakhstan, Kristina marichenko.
They started dating.
Baker made millions.
He said it exceeded $7 million in the first half of 2007 alone.
He feels like he\'s proving himself.
\"I chase pride and vanity,\" he said . \"
He described himself as \"at the forefront of happiness \".
The siren song on the U. S. Coast wants to enter the U. S. market.
It has set up a website for the United States. S. investors.
It turned out to be a key mistake. A self-
The regulator of the National Futures Association began to review the lake shore.
The organization alerted the Commodity Futures Trading Commission to claims that appeared suspicious on the website.
The committee concluded that the Lakeshore had been soliciting the views of the United States. S.
Clients without legal authorization
Kurgan began to keep a distance from the fund.
He emailed Baker, \"If you have listed me as a director, partner or any other title of any Lakeshore entity through your kindness, please delete my name immediately.
As investigators look deeper, they realize that the fund has been hiding its history and performance.
The problem deepened in August 2007, when cash
The management company holding the assets of the lake bank filed for bankruptcy.
The company\'s customers have little money left and are now locked up by a bankrupt company.
The Commodity Trading Commission filed civil fraud charges against Baker and Lakeshore.
A federal judge was convinced that Baker was at large and concealed the evidence, bringing the case to the local United States. S.
Attorney\'s office in charge of criminal investigation
FBI agents interviewed Baker\'s colleagues on the shore of the lake.
Kurgan told them that he did not have a formal role on the lake shore, but an external agent on the lake shore, according to the FBI\'s summary of the interview.
According to the Federal Bureau of Investigation, about 700 customers on the lake shore lost more than $0. 3 billion.
Investigators believe that Baker and the rest of the company have taken away at least $11 million for their personal use.
On February 2009, a grand jury returned a sealed 27-
Indictment accusing Baker of fraud, embezzlement of public funds and obstruction of justice.
His colleague was not prosecuted.
That month, Baker married Malychenko at a civil ceremony in Hamburg, Germany.
He said he did not know that he had been prosecuted or even that he was wanted.
He says he is trying to focus on the future as the lake shore is dead.
\"God has a different plan and I move on,\" he said . \".
However, investigators are moving in.
A few months later, in June 2009, Patrick J.
D. F. S.
A Chicago lawyer has announced criminal charges and described Baker as a fugitive.
The Justice Department issued an international arrest warrant through Interpol.
Within a few weeks-
Just a few days after Baker and malichenko celebrated their wedding in black.
Burger Yacht Club tie party
A pair of plainclothes German police appeared at Baker\'s door.
They escorted him to the car.
His new wife gave him a kiss.
Baker was held in a prison near Hamburg airport.
One day, an official from the Canadian embassy came to visit with a booklet introducing Baker\'s rights as a citizen of Canada.
One of the rights he has learned is: if he is convicted in the United States, under an international treaty, he has the right to apply for transfer to Canada to serve his sentence.
\"That\'s when I start thinking about how to solve this problem,\" he said . \".
In December 2009, after five months in a German prison, Baker made friends with prisoners, the United StatesS.
The bailiff sent him to Chicago, where he was placed at the Metropolitan Correctional Center.
A few months later, he waited for the date of the trial, and Baker learned the rhythm of the prison.
The most important thing, he said, is to convince other prisoners that he is not a child molesting person.
He told them he was a Wall Street liar.
Prosecutors think they have a clear idea.
Filed a lawsuit against him.
But in April 2010, the court
The designated receiver, who oversees the bankruptcy of the lake shore, issued a report saying that Kurgan was part of the owner of the lake shore and its subsidiaries and played an official role in these companies.
This masks Baker\'s own prosecution statement of action. Clifford C.
The chief prosecutor in charge of the case, history, summoned Baker to discuss the report.
Baker argues that this proves that he should not be punished alone.
He also said that the commodity trading Commission used the lake shore as a scapegoat, and after failing to prevent other hedge funds from going bankrupt, they showed their law enforcement power.
He was asked to give evidence.
Baker used the computer in the prison library and spent months screening electronic documents before submitting his case to history.
Prosecutors did not agree that Baker was the victim of a government conspiracy.
But in Baker\'s final plea agreement, the prosecutor said that Baker did have a partner, described as \"a man,\" who misrepresented the return on the lake shore and misappropriated the money.
According to A person involved in the investigation, \"personal A\" refers to kurgan, who has no right to speak publicly about the plea documents.
Baker and his lawyer, Daniel L.
There are not many legal options for former prosecutor rush Baum.
Baker remembered the Canadian treaty he had learned in Germany.
Since the end of 1970, the United States has concluded a series of treaties
Transfer of border prisoners
Midnight Express is the foundation of a 1978 film about a young American imprisoned in Turkey.
According to a 2005 government report, from 97% to 2010, the Department of Justice rejected 2011 of all transfer applications.
One reason is that federal prosecutors often object to the transfer on the basis that the prisoner will not serve his sentence if it is handed over.
This gives Rashbaum the idea.
If he can get AmericaS.
To support the transfer of the justice office to Canada, perhaps Justice Department officials in Washington will agree.
Rush Baum recalled that Canadians might soon let Baker out.
In this case, the length of his sentence in the United States is not important.
Rashbaum made a suggestion to history: Baker will admit guilt and accept 20-
If the prosecutor does not object to his transfer to Canada, he will be sentenced to one year in prison with no chance of parole.
Hested said in an interview that he knew the defense wanted the strategy to bring Baker\'s freedom, but he wondered if it would work.
More importantly, he knew the trial would be time.
For the government, consumption and risk are high, in part because Baker may raise questions in front of the jury about why he is on his own.
So Heather agreed to the deal.
\"For us, it is important that he is brought to justice in the United States,\" he said in an interview . \". On Aug.
2011 Baker was offered to sign a plea agreement. He was nervous;
His lawyer was scared.
\"Pleading with someone for 20 years of fear under a creative plan scares me,\" says Rashbaum . \".
Baker took a deep breath and signed the document.
Rashbaum walked to the parking lot and threw up.
Bill of $154,831,682
The government\'s press release declaring Baker guilty and sentenced did not mention the possibility of being transferred to Canada.
There was no report in the newspaper.
Before Baker left Chicago to start serving his sentence, he received a $154,831,682 bill from the Justice Department.
32 return.
\"We strongly urge you to pay this debt back immediately,\" the bill said . \".
He also received a divorce certificate from his wife.
Baker submitted his transfer request in April 2012.
He knew it was a gamble.
He did not pay any compensation, and the guidelines of the Department of Justice listed outstanding fines as the reason for rejecting such applications.
On the other hand, the department has recently been criticized for being stingy in approving international transfers.
Three months later, Baker was in the mail.
Called and opened the letter that would change his life.
\"The United States has approved a request to transfer the above items to Canada --
It was named Canadian National.
Baker felt dizzy.
He swept the letter again to make sure there was nothing wrong with it.
Then he walked back to his cell.
\"I think God really stepped in,\" he said . \".
He was imprisoned for about three years.
5 months in Germany, 2 years in Chicago, 7 months in Fort dikes
After being convicted of a single crime of fraud
He may therefore be eligible for parole in Canada.
Prosecutor history said he was surprised by the speed of the decision.
\"Would it change our position if we knew he would be immediately approved for the transfer? \" he said. \"Perhaps.
\"Another big deal in HurdleBaker\'s transfer to Canada still needs the approval of the authorities there.
The then Minister of Public Security, Vic TOIS, believes that this transfer constitutes a public --safety risks.
Baker wrote that because he had lived in Germany, he intended to \"abandon Canada as his permanent place of residence \".
\"The application was rejected.
\"I always think the problem is America. S.
The government, not Canadians . \"
He convinced himself that freedom was coming.
Now he\'s stuck in New Jersey.
He accepted the prospect of spending a few years in prison and began teaching yoga.
He advised the guards on investment.
He found a job in the prison to beautify the environment.
His monthly salary is $18, of which several dollars are devoted to the repayment of his $0. 155 billion debt.
He began to write about his experience.
Not sure how his story will end, he finished a fictional scene where he was reunited with his father on the lake where he sailed as a child.
After Baker was imprisoned in the United States for nearly six years, and Canada elected a new government, Baker felt an opportunity.
Perhaps the new government will have a more positive attitude towards prisoner transfer. He reapplied.
This time, it succeeded.
On May 10, 2016, another letter from Ottawa was received.
The minister of public safety of Canada said, \"You have been approved to transfer to Canada.
\"Last fall, Baker reached a minimum by bus across the Canadian border --Security Prison
He can cook and fish by himself.
Two months later, his case manager called him and asked him, \"Do you want to go home ? \"?
\"It was his mother\'s birthday.
The prison gave him a winter coat and a bus ticket to Toronto.
On the bus, Baker borrowed a passenger\'s cell phone to call his father. \"I\'m on a bus! \" he exclaimed.
\"I began to cry,\" recalled his father, William Baker . \".
The old Baker told his wife that he would take her to dinner.
The place was a surprise, he said.
He drove to a shopping center in northeast Toronto.
Their son was standing outside an Old Navy shop.
It was not announced at BasementBaker\'s press conference.
His former colleague, his first wife, the bank customer who lost money
No one knows he\'s out.
\"I\'m sorry that he\'s out of prison because that\'s where he is,\" said Rosenberg, former director of Lake Shore.
\"He has done so many people.
Baker moved back to his parents\' basement.
He set up a small office with some equipment.
A gold pencil case, a picture of a yacht
In the days of the Lake
He interviewed for a job as a financial advisor.
He intends to turn his prison book into a book.
He found himself wrong.
In prison, he had envisioned that if he had arrived in Canada, the US authorities would not have pursued him for $0. 155 billion owed him.
But this summer, a lawyer he consulted revealed that the receiver of the lake bank bankruptcy could hunt him and any money he earned through the Canadian civil court.
Baker is free.
But it is impossible for him to get rid of the shadow of his previous life.
\"I\'m finished,\" he said . \"
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