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U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 21211 / September 16, 2009

Securities and Exchange Commission v. Michael Lauer, et al., Civil Action No. 03-80612-CV-MARRA (S.D. Fla.)

COURT IMPOSES A $500,000 CIVIL PENALTY AGAINST DEFENDANT MICHAEL LAUER

The Securities and Exchange Commission announced that on August 17, 2009, the United States District Court for the Southern District of Florida entered an order imposing a $500,000 civil penalty against Defendant Michael Lauer. In determining the amount of penalty Lauer should pay, the Court recognized that it had previously ordered Lauer to pay more than $62 million in disgorgement and prejudgment interest and that he is being criminally prosecuted for the same violations he was enjoined from committing in this action.

On September 23, 2008, the Court granted the Commission's motion for summary judgment against Lauer which permanently enjoined him from future violations of Sections 17(a)(1), (2) and (3) of the Securities Act of 1933; Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. On May 7, 2009, the Court ordered Lauer to disgorge $43,688,249 and pay an additional $18,908,558.74 in prejudgment interest.

For more information on earlier actions in this case, see LR-18226 (July 10, 2003), LR-18247 (July 23, 2003), LR-18991 (December 2, 2004), LR-19018 (December 30, 2004) and LR-19019 (December 30, 2004); LR-19042 (January 21, 2005), LR-19186 (April 15, 2005); LR-19590 (March 6, 2006); LR-19661 (April 18, 2006); LR-20505 (March 21, 2008); LR-20751 (Sept. 29, 2008); and LR-21046 (May 19, 2009).

 

http://www.sec.gov/litigation/litreleases/2009/lr21211.htm


Modified: 09/16/2009