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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Ex-Hedge Fund Billionaire Won’t Run For Senate

Jan 23 2015 | 5:48am ET

Ex-hedge fund manager Tom Steyer will not run for Senate after Sen. Barbara Boxer...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note