Thursday, September 25, 2008

SEC Finds Lauer Liable for Fraud

The SEC, as reported in the Wall Street Journal, has determined Michael Lauer, from Lancer Management Group and Lancer Management Group II, is liable for fraud. Lauer, a hedge fund manager, and acquired $1.1 billion from investors then lost around $500 million. SEC stopped the fraud in 2003 by freezing assets, and is not seeking $50 million as a penalty for his "allegedly fraudulent activity". Lauer has chosent to represent himself in the criminal case and has chosen not to comment.

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