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A Greenwich Tale: Hedgie's Home on Auction
Michael Lauer's bad week just got worse.
Not only is the former Lancer Group hedge fund manager's 7,300 square foot home headed for foreclosure auction on Friday, but also today the SEC found him liable for fraud that caused investors $500 million.
He and his group were accused of manipulating the prices of securities by using shell companies in Florida in order to inflate the value of Lancer Group hedge funds.
Lauer was also involved in a scandal involving Connecticut state pension funds that lost millions in value in 2003. The S.E.C. already froze his assets preventing him from diverting or hiding millions of dollars.
The five-acre estate includes a house with four bedrooms, three fireplaces, a master bath with steam shower, two whirlpool tubs, a four-car garage, a pool house, a heated outdoor pool, and tennis courts.
Lauer bought the house in 2003 for $2.3 million. Not bad for a reported former New York City cab driver.
Prospective buyers can visit the estate today and tomorrow before the auction on Friday. Of course, in the current economic climate, the $2.5 million opening bid might be a bit difficult to come by.
by Rafael Cohen
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