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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