Supreme Court Lets Stand $62M Award Against Hedge Fund Manager’s Scheme

The U.S. Supreme Court Oct. 29 declined to review a federal appeals court ruling affirming a $62 million award against former Lancer Group hedge fund manager Michael Lauer, accused by the Securities and Exchange Commission of engaging in a multi-year scheme to defraud the funds’ investors (Lauer v. SEC).

Earlier this year, in a per curiam, unpublished decision, the U.S. Court of Appeals for the Eleventh Circuit said the district court properly granted the SEC’s motion for summary judgment on liability and remedies (76 DER EE-17, 4/20/12).

Value Misrepresented.

According to the SEC’s complaint, Lauer misrepresented ...