Hedge Fund Adviser Ordered To Pay $62M

Law360, New York (May 8, 2009, 12:00 AM EDT) -- The head of two hedge fund adviser groups was ordered by a federal court to shell out more than $62 million after being found liable of fleecing investors of $500 million in a fraudulent scheme.

Judge Kenneth Marra of the U.S. District Court for the Southern District of Florida ruled that Michael Lauer, the head of Lancer Management Group and Lancer Management Group II, must pay $43.6 million of ill-gotten gains and $18.9 million in prejudgment interest, according to the U.S. Securities and Exchange Commission on...
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