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Thursday, September 25, 2008

09/25/08 Greenwich Time News Links For Thursday


The Greenwich Time's "So Called" News Website Totally Missed This Nationally Breaking Greenwich News Story:




Exchange News Direct


Michael Lauer of Greenwich, Conn., was found liable for violating the anti-fraud provisions of the federal securities laws. In a 67-page order, ...



Reuters



Hartford Courant



Wall Street Journal


Maybe The Clueless Greenwich Time Is Not On The List To Receive Press Releases From The SEC:


SEC Wins Major Hedge Fund Fraud Case Against Michael Lauer, Head of Lancer Management Group


FOR IMMEDIATE

2008-225


Washington, D.C., Sept. 24, 2008—The Securities and Exchange Commission announced that a district court judge today granted its motion for summary judgment against the architect of a massive billion-dollar hedge fund fraud.


Michael Lauer of Greenwich, Conn., was found liable for violating the anti-fraud provisions of the federal securities laws. In a 67-page order, The Honorable Kenneth A. Marra, U.S. District Judge for the Southern District of Florida, found that Lauer’s fraud as head of two Connecticut-based companies – Lancer Management Group and Lancer Management Group II – that managed investors’ money and acted as hedge fund advisers was “egregious, pervasive, premeditated and resulted in the loss of hundreds of millions of dollars in investors’ funds.”


Linda Chatman Thomsen, Director of the SEC’s Division of Enforcement, said, “This case highlights the SEC’s ongoing efforts to combat hedge fund fraud and our dedicated work on behalf of investors to ensure that hedge fund managers are held accountable for any unlawful conduct.”


David Nelson, Director of the SEC’s Miami Regional Office, added, “We are particularly gratified at this decision, which resulted from several years of hard work to protect investors, starting when we successfully halted the fraud while it was still ongoing.”


Lauer raised more than $1.1 billion from investors and his fraudulent actions caused investor losses of approximately $500 million. The SEC initially won emergency temporary restraining orders and asset freezes against Lauer and his companies, which were placed under the control of a Court-appointed receiver after the SEC filed its enforcement action in 2003.


During the protracted litigation, the SEC successfully stopped Lauer from diverting or hiding millions of dollars of assets from the Court’s asset freeze.


The summary judgment order found that Lauer:



  • Materially overstated the hedge funds’ valuations for the years 1999 to 2002.


  • Manipulated the prices of seven securities that were a material portion of the funds' portfolios from November 1999 through at least April 2003.


  • Failed to provide any basis to substantiate or explain the exorbitant valuations of the shell corporations that saturated the funds’ portfolios.


  • Hid or lied to investors about the Funds' actual holdings by providing them with fake portfolio statements.


  • Falsely represented the funds’ holdings in newsletters.

The judge’s order entered a permanent injunction against Lauer against future violations of Sections 17(a)(1)-(3) of the Securities Act of 1933 (Securities Act), Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 (Exchange Act), and Sections 206(1) and (2) of the Investment Advisers Act of 1940 (Advisers Act). The order reserved ruling on the SEC’s claim for disgorgement with prejudgment interest against Lauer, and on the amount of a financial penalty Lauer must pay. The SEC is seeking a financial penalty and disgorgement of the more than $50 million Lauer received in ill-gotten gains from his fraudulent scheme.


For further information, see


Litigation Release No. 18226 (July 10, 2003),


Litigation Release No. 18247 (July 23, 2003),


Litigation Release No. 18991 (December 2, 2004),


Litigation Release No. 19018 (December 30, 2004)


Litigation Release No. 19019 (December 30, 2004);


Litigation Release No. 19042 (January 21, 2005),


Litigation Release No. 19186 (April 15, 2005);


Litigation Release No. 19590 (March 6, 2006);


Litigation Release No. 19661 (April 18, 2006); and


Litigation Release No. 20505 (March 21, 2008).


# # #



For more information, contact:



David Nelson Regional Director, SEC’s Miami Regional Office (305) 982-6332



Glenn S. Gordon Associate Regional Director, SEC’s Miami Regional Office (305) 982-6360



Christopher E. Martin Senior Trial Counsel, SEC’s Miami Regional Office (305) 982-6386

http://www.sec.gov/news/press/2008/2008-225.htm


The Greenwich Time Had Better Try And Get On The SEC's Press Release Distribution List.


There Will Probably Be A Lot Of Greenwich Hedge Fund Guy Screwed A Lot Of People Out Of Their Life Savings News Reports From The SEC Over The Next Year Or So.


Here what the Greenwich Time Did Report About Today:




Build us a pool, and you've got an open invitation to do water aerobics. That was one of the more colorful appeals made Wednesday night to the architects of the town's capital improvement plan during a public hearing at Town Hall on spending priorities for the coming year.

Race

Two men vying to represent Greenwich in the state House of Representative cordially refer to each other as "my opponent," but undertones of their comments hint at an increasingly heated race in the 151st District.

Foul territory

The town says a Riverside homeowner who complained that a group of teens crossed the line when they commandeered the municipally-owned lot next to his for an unauthorized Wiffle ball field is over the line himself - the boundary between the two properties.

Town to conduct drug survey

With no quantifiable data on high-risk behaviors among town youth, health department officials are pushing for a survey that would provide some answers.

Roundup: GHS water polo rolls to another win

The Greenwich High School boys water polo team raised its record to 11-0 with a 15-1 win over Hotchkiss Wednesday.

Truck enforcement yields results

"We told you so." Officials and residents who for years sought expanded hours of operation for the truck inspection/weigh station in Greenwich have earned the right to say it.

Wild turkey's behavior is a result of feeding

To the editor:

Contrary to the inference made in a letter to the editor ("Wrong location," Greenwich Time, Sept. 24) and rumored around town, I did not rehabilitate or release the turkey currently residing at Greenwich Point that is at the center of front-page and editorial controversy.

It is not my practice to release any wildlife that is imprinted upon or habituated to humans and domestic animals. I make sure every animal I release is truly wild, will avoid any human approach and is capable of survival in the wild.

"Henrietta" arrived at Greenwich Point in the spring, likely, under her own power, and has been there since. She did not become a problem until later in the summer after people had been hand-feeding her.

I've seen people do so, some from cars. Consequently, she has become conditioned to associate food with people and cars, which explains her current behavior. This is a human-created problem and the turkey has become the true victim as a result.

I have proposed a win-win, humane solution to this unfortunate situation, and am waiting to hear if it's agreeable to all concerned.

The lesson in all of this is: Do not feed wildlife! They do just fine on their own with the food provided in the natural world.

Meredith Sampson
Old Greenwich

The writer is director of Wild Wings Inc., which provides wildlife rehabilitation and environmental education.

Yesterday's results for the daily poll:

Should the town issue bonds to pay for infrastructure improvements and other capital projects?

A) No way. Stick to pay-as-you-go = 102

B) OK, but as long as the town pays the money back in five years or less = 17

C) Definitely. If the town didn't have this hang-up about borrowing, the infrastructure wouldn't need repairs in the first place = 37
Also Read The Latest About Ex-Greenwich Time Editor Joe "The Censor" Pisani:

09/22/09 READER SUBMITTED COMMENTS: Pisani is a tool

09/22/08 comments

09/24/08 More Reader Submitted Comments About Joe "The Censor" Pisani

09/24/08 Greenwich Roundup Reader Continues Dialog: ok, you know your quotes....

Let's Put An End To Government Compliant Media Operations In Greenwich:

Here is the "latest" hard hitting report from Joe

Glenville And Hamilton Avenue School Children Have No School To Go To And Joe Spends His Time Writing Junk Like This.....

Dying for work


Written by Joe Pisani

When I was out of work recently, the first thing I did was rent a post office box in a New Hampshire town so small they have more moose than mail carriers.

I wanted to start a new life as a recluse, sort of like J.D. Salinger, and only return to the civilized world to pick up the Sears power tools flyer. It was one of those weird decisions you hope will change things, although the odds are probably better you’ll win Powerball.

As luck would have it, the postmaster needed help and gave me a sales pitch about career opportunities in the Postal Service. He said I could get ahead if I wasn’t afraid to put in the hours and always sorted the mail with a smile.

When you’re on the street, you savor any advice you can get because being middle-aged and jobless makes you feel completely helpless in a culture geared toward 20-something salaries and hairlines.

Just ask my former colleague Ernie (not his real name for reasons that will become apparent). He lost his job, found another job and then lost that job because, as the story goes, his commissions were getting too big and the boss didn’t want to share the pie.... blah .....blah ......blah .....

....Blah .... Blah .... Blah .... Blah .....The good news is the postmaster said Ernie could have a great career in mail delivery, with or without hair, as long as he’s willing to put in the hours and smile a lot.

Where I work now, there’s a lot of gray hair, so I feel at home. My boss believes people with a little maturity actually know something — at least they know enough not to dye their hair.

Can Anyone Show Me Where Joe "The Censor" Pisani Fought The Good Fight And Stood Up For The Weakest Members Of Greenwich Society?

What about the children Joe "I Am A Good Catholic" Pisani?

The children made Jesus smile and laugh.

"I wish everyone were like little children, for the Kingdom of God belongs to such as these," Jesus said

Would Jesus compliantly sit by at the Greenwich Post as Western Greenwich Children have no school in the land of Multi -Millionaires And Billionaires?

What WILL Jesus Do?

He is going to be afflicting some heartless Millionaires And Billionaires who have been way too comfortable and greedy for far too long.

How can a Billionaire like Paul Tudor Jones sleep comfortably at 1275 King Street as small children are queuing up at the Stop and shop lot to get on buses to go to over crowed schools.

And how can Joe Pisani spend his days writing about his make believe friends in his little self created fantasy world as these families are ignored.

Someday there will be an accounting for the Heartless Multi-Millionaires, Billionaires, Reporters And Editors That Looked The Other Way As The Weakest Members Of Greenwich Society Were Ignored.

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