Thursday, 18 September 2014
Last updated 14 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.
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.