Thursday, 21 August 2014
Last updated 14 hours 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note