High Court Won't Hear Lancer Founder's Appeal

Oct 31 2012 | 11:11am ET

Shuttered for a day by Hurricane Sandy, the U.S. Supreme Court went back to work today. But that won't help the Lancer Group's Michael Lauer hold on to $62 million.

The high court on Monday refused to grant certiorari to Lauer, who is appealing a $62 million judgment against him. The decision lets stand and 11th Circuit Court of Appeals ruling that the lower court which imposed the judgment "had before it overwhelming evidence of Lauer's knowing false statements" when it awarded the Securities and Exchange Commission summary judgment in 2008.

The SEC accused Lauer of raising more than $1.1 billion by misrepresenting Lancer's returns and strategy. About half of the money raised was lost.

But while the Lancer founder was found civilly liable for fraud, he was acquitted of all criminal charges by a Miami jury last year.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of