5.8.2009 U.S. District Judge Kenneth Marra for the Southern District of Florida found that Michael Lauer, the head of Lancer Management Group and Lancer Management Group II, two Connecticut-based hedge fund advisers, must pay more than $43.6 million and more than $18.9 million in prejudgment interest. Lauer allegedly raised more than $1.1 billion from investors over several years by misrepresenting the nature of and returns on his investments and caused investors to lose approximately $500 million of that amount.

Click http://www.sec.gov/news/press/2009/2009-106.htm to access the SEC’s press release.