SEC Hits Hedge Fund Honcho With Civil Penalty

Law360, New York (August 18, 2009, 12:44 PM EDT) -- The head of two hedge funds accused of bilking $500 million from investors has been ordered to pay the U.S. Securities and Exchange Commission a $500,000 civil penalty in addition to the $62 million in ill-gotten gains and interest a federal judge ordered him to forfeit in May.

U.S. District Judge Kenneth A. Marra of the Southern District of Florida issued an order Aug. 17 directing Michael Lauer, former manager of hedge funds Lancer Management Group and Lancer Management Group II, to pay the civil penalty...
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