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    Lancer Offshore losses could be as high as $400 million

    Investors in a British Virgin Islands-registered offshore hedge fund with ties to convicted or suspected fraudsters might be staring at losses totalling $400 million.
    That is the capital contribution believed to have gone into Lancer Offshore Inc., much of whose “assets” comprise interests in dubious, loss-making, penny stock firms whose shares are thinly-traded.