Damages Determined in Hedge Fund Fraud Case Judge Marra Orders Heavy Amount Against Lauer
In the case brought forth by the SEC against Michael Lauer for hedge fund fraud, the U.S. Disctrict Judge for the Southern District of Florida determined that Lauer must pay back $62 Million in damages. On September 24th, 2008, the SEC announced [...]
Hedge Fund Manager Caught in Ponzi-Like Scheme Defrauding Investors
On June 24th, 2009, the SEC today charged Moises Pacheco of Advanced Money Management, Inc. (AMM) and Business Development & Consulting Co. (BD&C) with operating a Ponzi-like scheme through five hedge funds. The SEC complaint alleges that Pacheco, AMM, and BD&C violated the securities registration and antifraud [...]
Former MA Investment Adviser Sentenced to Ten Years for Defrauding Investment Advisory Clients
On May 14th, 2009, Amit Mathur was sentenced to ten years in federal prison on federal mail and wire fraud for defrauding his investment advisory clients. The Commission filed its action against Mathur and his advisory firm (Entrust Capital Management) on April 12, [...]
SEC Issued Order Against WealthWise, LLC and Jeffrey A. Forrest For Violations of the Securities Act
On May 15th, 2009, theSEC issued an order of permanent injunction against defendant Jeffrey A. Forrest pursuant to the civil action entitled Securities and Exchange Commission v. WealthWise, LLC, et al. The orrder revokes WealthWise’s registration as an investment adviser [...]
Court Orders Disgorgement and Prejudgment Interest Against Defendant Michael Lauer
On May 19, 2009, the U.S. District Court of the Southern District of Florida entered an order requiring Lauer to disgorge all money he ultimately received, based on the fraudulent conduct he demonstrated in his hedge fund scheme.
The following SEC release reprinted in full, can be [...]
SEC Wins Major Hedge Fund Fraud Case Against Michael Lauer, Head of Lancer Management Group
The Securities and Exchange Commission announced that a district court judge today granted its motion for summary judgment against the architect of a massive billion-dollar hedge fund fraud. Michael Lauer of Greenwich, Conn., was found liable for violating the anti-fraud provisions [...]
The two press releases below from the SEC showcase what can happen if a manager is found to have perpetrated a fraud against investors.
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Michael Lauer to Pay More Than $62 Million in Hedge Fund Fraud Case
FOR IMMEDIATE RELEASE
2009-106
Washington, D.C., May 8, 2009 — The Securities and Exchange Commission announced today that Michael Lauer, the head [...]
SEC Charges Connecticut-Based Hedge Fund in Multi-Million Dollar Fraud
FOR IMMEDIATE RELEASE
2009-90
Washington, D.C., April 27, 2009 — The Securities and Exchange Commission today obtained an emergency court order to freeze the assets of a Connecticut-based money manager and the hedge funds that he controls, alleging that he forged documents, promised false returns, and misrepresented assets managed [...]
Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Austin Capital Management Ltd.
SAN DIEGO–(BUSINESS WIRE)–Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/austincapital/) today announced that a class action has been commenced on behalf of institutional investors in the United States District Court for the Southern District of New York [...]
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20993A / April 8, 2009
SEC v. Lydia Capital, LLC et al, U.S. District Court for the District of Massachusetts, 07-CV-10712-RGS
Court Enters Final Judgment Against Massachusetts Hedge Fund Manager in Fraud Scheme
The Securities and Exchange Commission announced today that the Massachusetts federal district court entered a Final Judgment on [...]