Saturday, 25 June 2016
Last updated 21 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.