Lancer Group Fraudster To Serve 3 Years, Pay $8M

Law360, New York (September 1, 2011, 6:44 PM EDT) -- Convicted Lancer Group fraudster Laurence Isaacson will serve three years in prison for his role in a $200 million investment scheme in which the hedge fund inflated its value by manipulating closing prices on thinly traded securities, a Florida federal judge ruled Thursday.

U.S. District Judge Adalberto Jordan denied Isaacson's claims that the acquittal of two of his co-defendants in April merited a new trial, and ordered him to pay $8 million in addition to his prison term.

Prosecutors had sought five years for Isaacson, who...
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