Supreme Court Won't Revisit $62M Lancer Exec Penalty

Law360, New York (October 29, 2012, 3:00 PM EDT) -- The U.S. Supreme Court refused Monday to review a decision ordering an acquitted former Lancer Management Group hedge fund manager to pay $62 million in a U.S. Securities and Exchange Commission suit over a $1 billion investment fraud.

The court denied a petition for writ of certiorari by Michael Lauer, the former manager of Lancer Management Group. The decision keeps in place an April 19 Eleventh Circuit decision finding Lauer liable for $44 million in ill-gotten gains and $18 million in prejudgment interest.

The high court...
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