Wednesday, 4 May 2016
Last updated 7 hours ago
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.