Head of two Connecticut-based hedge fund advisers to pay more than $62 million in fraud case

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.