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...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Securities Exchange v. Lauer, et al


Case Number

9:03-cv-80612

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

Kenneth A. Marra

Date Filed

July 8, 2003

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.