WEST PALM BEACH, Fla. - May 8, 2009 - U.S. District Judge Kenneth A. Marra issued the order Thursday
against Michael Lauer, who once ran Lancer Management Group. The
order came after Lauer was found liable on SEC fraud charges last
fall.
Lauer also faces a criminal trial in March on charges of falsely
inflating the value of companies in the Lancer fund to collect
hefty management fees. Lauer has pleaded not guilty, but one Lancer
trader last month pleaded guilty to several charges involving
manipulation of stocks.
The $62 million represents ill-gotten gains plus interest and
will go to the SEC.
Morey money-related links:
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