South Florida Business Journal – A federal court judge has ordered former hedge fund manager Michael Lauer to pay a $500,000 civil penalty.
The order was issued Aug. 17, but only announced in a Securities and Exchange Commission news release Wednesday.
The SEC had asked that Lauer be ordered to pay $1 million.
However, in deciding how much he should pay, Judge Kenneth A. Marra, of the U.S. District Court for the Southern District of Florida, recognized that Lauer has already been ordered to pay more than $62 million in disgorgement and prejudgment interest, and that he still faces criminal charges.
