WASHINGTON (AP) _ An Illinois commodity fund and two executives were charged Tuesday with cheating and defrauding commodity investors. One of the executives is accused of disappearing after taking $420,000 from an account.

The Commodities Futures Trading Commission filed a six-count civil complaint in U.S. District Court in Chicago against Lake States Commodities Inc. of Rolling Meadows, Ill.; the firm's president, Thomas W. Collins; and its secretary, Edward M. Collins.

The CFTC charged the firm and the two men said investors' funds were placed in a multi-million dollar commodity pool trading account ''when in fact such an account did not exist.''

The case also charges they issued false reports that accounts were increasing in value, that investors could expect returns of 30 percent to 50 percent and discouraged investors from cooperating with an ongoing CFTC investigation.

The CFTC charged that Thomas Collins withdrew $420,000 from his futures trading account on June 1 and June 3. His family reported him missing on June 4.

The CFTC charged the executives and the firm faked monthly statements which said commodities trades and open trading positions had profits of as high as $700,000. They also said the account's market value was as high as $42 million.

A telephone call placed to Lake States Commodities offices went unanswered Tuesday afternoon.