Tuesday, 23 September 2014
Last updated 5 hours ago
May 8 2012 | 10:51am ET
Despite his acquittal on criminal hedge fund fraud charges, an appeals court has upheld a $62 million judgment against the Lancer Group's Michael Lauer.
A Miami jury cleared Lauer last year of running "one of the largest hedge fund frauds in the history of the United States," what prosecutors called a $1.1 billion scam. But the 11th Circuit Court of Appeals in Atlanta said that a lower court "had before it overwhelming evidence of Lauer's knowing false statements" when it granted summary judgment in the Securities and Exchange Commission's civil case in 2008.
According to the SEC's complaint in the case, Lauer raised more than $1.1 billion from investors over several years by misrepresenting the nature of and returns on his investments, and caused investors to lose approximately $500 million of that amount.
The appeals court rejected Lauer's claim that U.S. District Judge Kenneth Marra abused his discretion in ordering the disgorgement and in denying Lauer's motions for an change in the asset freeze against him and for a change of venue.
Lauer said after his acquittal last year that he planned to return to the hedge fund industry.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.