MIAMI AP – The founder of the Lancer Group hedge funds and four other people were charged with defrauding investors out of more than $200 million by manipulating market prices and overvaluing securities, according to a federal indictment unsealed Wednesday.
The grand jury indictment charges former fund manager Michael Lauer and the others with conspiracy and six counts of wire fraud. The indictment says the fraud took place between 1999 and 2003, the year the Lancer Group’s assets were frozen by the Securities and Exchange Commission.
