Litigation Release No. 19661 / April 18, 2006

SEC v. Michael Lauer, et al., Case No. 03-80612-CIV-MARRA/VITUNAC (S.D. Fla).

Michael Lauer Is Precluded From Testifying at Trial on His Own Behalf for Violating Asset Freeze Order, Acting in Bad Faith by Failing to Take Part in the Discovery Process and Repeatedly Violating Court Orders

The Securities and Exchange Commission announced that on March 14, 2006, the Honorable Kenneth A. Marra, United States District Judge for the Southern District of Florida clarified his January 24, 2006 Order holding Defendant Michael Lauer in contempt of Court for violating the Court's asset freeze order, acting in bad faith by failing to take part in the discovery process and repeatedly violating Court Orders. The Court clarified that Lauer is precluded from testifying at the trial on his own behalf.

A copy of the District Court's Order (PDF format) may be found at the Commission's website.

For further information, see Litigation Release No. 18226 (July 10, 2003), Litigation Release No. 18247 (July 23, 2003), Litigation Release No. 18991 (December 2, 2004), Litigation Release No. 19018 (December 30, 2004), Litigation Release No. 19019 (December 30, 2004), Litigation Release No. 19042 (January 21, 2005), Litigation Release No. 19186 (April 15, 2005); and Litigation Release No. 19590 (March 6, 2006).

Order in this matter