The former chief of a multimillion-dollar hedge fund accused of fleecing investors out of $200 million was acquitted Wednesday by a federal jury of securities fraud and related charges.
Michael Lauer, who ran the Lancer Management Group and affiliated companies in New York and elsewhere, raised his clenched fists in the air when the verdict was read and tightly hugged his attorney, assistant public defender Michael Caruso. Lauer had faced up to 25 years in prison and hefty fines if convicted.
Read more: Ex-hedge fund chief Lauer acquitted in fraud case — AP
