Line a cookie sheet with wax paper. Place toasted coconut in a large bowl.
Cut pound cake crosswise into 8 pieces. Melt chips and vegetable shortening in the microwave on high, stirring frequently, until smooth, about 1 minute. Coat cake slices on all sides with melted chocolate and roll in coconut. Transfer to cookie sheet and refrigerate for 5 minutes or until chocolate hardens. Tie a red licorice lace around each piece of cake.