11th Circ. Upholds $62M Disgorgement For Ex-Lancer Exec

Law360, New York (April 19, 2012, 7:59 PM EDT) -- The Eleventh Circuit on Thursday upheld a ruling forcing a recently acquitted former Lancer Management Group hedge fund manager to fork over $62 million in a U.S. Securities and Exchange Commission suit over a $1 billion investment fraud, saying a Florida federal court calculated the amount accurately.

The decision affirms U.S. District Judge Kenneth Marra's ruling that Michael Lauer, the former manager of Lancer Management Group, was liable for $44 million in ill-gotten gains and $18 million in prejudgment interest, ruling that the money manager did...
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