Ex-Lancer Chief Acquitted In $200M Fraud Case

Law360, New York (April 27, 2011, 7:27 PM EDT) -- Lancer Group founder Michael Lauer was acquitted Wednesday in Florida of fraud charges related to an alleged $200 million investment scam.

After a six-week trial, a federal jury in Miami found Lauer not guilty of conspiracy and fraud, dealing a blow to prosecutors who alleged that the defendant artificially boosted the value of hedge funds by tweaking the closing price of thinly traded securities.

Lauer maintained his innocence throughout the three-year-old case, saying federal investigators never found any evidence he participated in the alleged scheme. He...
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