Hedge Fund Manager Found Guilty
This story is a tad off topic, yet I just got back from Chicago and wished to write about this story: Michael Lauer, the hedge fund manager who has been on trial has been found guilty by a Miami U.S. District Court Judge Kenneth A. Marra of defrauding investors during the years of 1999 and 2002 totaling more than five hundred million dollars. He must not have had a very good lawyer I would gather to guess.
Judge Marra found in a sixty-seven page order that Lauer had manipulated the prices of 7 different securities. These were a large part of the funds portfolios, which he didn’t provide a basis for such exceptionally high valuations. The Judge in question also found that he lied to investors about the hedge funds holdings. As the head of the Lancer Management Group and Lancer Management Group II, his actions were premeditated and resulted in the loss of millions and millions worth of investor’s hard earned funds. I realize that no one really suffered personal bodily injury per say but what about the emotional scars?
All in all, a ruling has not been given on the amount that Lauer will have to pay back to his victims. That amount is pending an evidentiary hearing and a fine amount decided by the Securities Exchange Commission which has to be made within sixty days or so. By the way if you happen to live in Chicago or the surrounding region and need a top drawer
Chicago Personal Injury Lawyer then I strongly wish to suggest the Budin Law offices as he is one of the finest Chicago Personal Injury Lawyer around that whole area.
The criminal trial for Lauer will begin in April for the charges in the hedge fund and according to his lawyer stated that Lauer will be pleading not guilty and will fight the charges at trial. The lawyer who is representing Lauer is Norman Moscowitz.