Lancer Chief’s Challenge To $62M Disgorgement Fails

Law360, New York (September 22, 2009, 1:53 PM EDT) -- A hedge fund manager forced to hand over $62 million in disgorgement after being found liable in a U.S. Securities and Exchange Commission case over a $500 million investment fraud has lost his battle to have the order overturned.

Michael Lauer, the former manager of Lancer Management Group, had urged the U.S. District Court for the Southern District of Florida to reconsider its orders granting the SEC's motion for summary judgment, fining him $500,000 and directing the return of his alleged ill-gotten profits.

Lauer was ordered...
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