Saturday, 20 December 2014
Last updated 1 day ago
Sep 5 2008 | 12:59pm ET
A former hedge fund manager indicted for fraud is going to need a new roof over his head.
The Internal Revenue Service has scheduled a foreclosure auction for Michael Lauer’s five-acre Greenwich, Conn., estate. The 7,300-square-foot home at 7 Dwight Lane is being shown in open houses today and on Sept. 25, and will be sold on Sept. 26. Bidding starts at $2.5 million, just $200,000 more than Lauer paid for the four-bedroom mansion nine years ago.
Lauer and four others were charged earlier this year with conspiracy and wire fraud for allegedly using shell companies to inflate the value of their Lancer Group hedge funds. The scheme allegedly cost investors, including a Connecticut state pension fund, more than $200 million from 1999 through 2003.
Lauer and his co-defendants face as much as 25 years in prison if convicted.
His soon-to-be-former Dwight Lane digs—the Hartford Courant reports that it is unclear whether Lauer still resides at the home—features three fireplaces, vaulted ceilings, an attached four-car garage, a pool house and heated outdoor pool, and tennis courts.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.