Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.
RSS Feed Print
$62M disgorgement for Lauer in SEC case
Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 5/8/2009 5:52:25 PM

By: jurisper

SEC has 30 days to propose an additional penalty amount.

Receiver may now transfer frozen assets. These don't amount to more than a few million; the $62M (plus penalty) figure is pretty much notional.

As of Apr 30, the receiver was holding about $35M in cash, and about $23M in securities. Payments to then for professional fees etc etc etc came to about $39M.

Citco is the remaining deep-pocket defendant.


Jump to different Forum... 

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests

Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.