{"id":5363,"date":"2012-11-10T00:00:00","date_gmt":"2012-11-10T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/11\/sec_roundup_62m_securities_fra"},"modified":"2022-05-02T11:08:05","modified_gmt":"2022-05-02T16:08:05","slug":"sec-roundup-62m-securities-fra","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-roundup-62m-securities-fra\/","title":{"rendered":"SEC Roundup: $62M Securities Fraud Award Against Ex-Lancer Group Hedge Fund Manager Stands, Investment Management Division Adopts Risk-Based Approach to Regulatory Initiatives, & Conflicts of Interest Areas Now Are Priority"},"content":{"rendered":"

The US Supreme Court has decided not to review a ruling by the U.S. Court of Appeals for the Eleventh Circuit affirming a $62M award against Michael Lauer, an ex-Lancer Group Hedge Fund manager, in the securities lawsuit<\/a> filed against him by the Securities and Exchange Commission. The federal appeals court had said that the district court\u2019s decision granting the Commission\u2019s motion for summary judgment on liability and remedies was proper.<\/p>\n

Per the SEC fraud lawsuit<\/a>, Lauer is accused of misrepresenting the hedge funds\u2019 true value by artificially inflating the value of holdings found in shell companies that were thinly traded. The Commission contends that he hid his scam by making false statements in investor newsletters, private placement memoranda, and phone calls. (Lauer has since been acquitted of related criminal charges.)<\/p>\n

In his certiorari petition filed earlier, Lauer argued that federal court couldn\u2019t strike a defendant\u2019s motion to dismiss due to lack of subject matter jurisdiction without evaluating whether it had such jurisdiction. He also claimed that the appeal\u2019s court ruling that the district court\u2019s decision was grounded in enough evidence was not de novo review.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The US Supreme Court has decided not to review a ruling by the U.S. Court of Appeals for the Eleventh Circuit affirming a $62M award against Michael Lauer, an ex-Lancer Group Hedge Fund manager, in the securities lawsuit filed against him by the Securities and Exchange Commission. The federal appeals court had said that the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3748,3760,3795,3761,3963],"tags":[],"class_list":["post-5363","post","type-post","status-publish","format-standard","hentry","category-hedge-funds","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis","category-securities-law-and-regulations"],"yoast_head":"\nSEC Roundup: $62M Securities Fraud Award Against Ex-Lancer Group Hedge Fund Manager Stands, Investment Management Division Adopts Risk-Based Approach to Regulatory Initiatives, & Conflicts of Interest Areas Now Are Priority — Investor Lawyers Blog — November 10, 2012<\/title>\n<meta name=\"description\" content=\"The US Supreme Court has decided not to review a ruling by the U.S. Court of Appeals for the Eleventh 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