$200 MILLION FRAUD AT LANCER

LOSSES & LAWSUITS

MIAMI, FL - Five employees of Lancer hedge funds - including the company's founder - have been indicted for a $200 million fraud in Miami. The fraud would be one of the largest of its type recorded. A federal grand jury charged Lancer's founder Michael Lauer and his co-defendants with conspiracy, mail wire and securities fraud between 1999 and 2003.

Prosecutors say the fraud involved the manipulation of closing market prices, buying large quantities of restricted stock in private transactions from shell companies based in Boca Raton, overvaluing Lancer securities, falsifying documents and misleading investors. Each count of conspiracy and fraud carries a maximum fine of $250,000 and a sentence of up to 25 years.

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