It's a Miracle! Lauer Indicted

One question: WTF took so long?

Five individuals who defrauded hedge fund investors of more than $200 million dollars have been indicted on charges of conspiracy and wire fraud, Assistant Attorney General Alice S. Fisher of the Criminal Division and U.S. Attorney R. Alexander Acosta of the Southern District of Florida announced today.

Defendants named in the indictment, unsealed today in Miami, are Michael Lauer, Martin Garvey and Eric Hauser, co-owners of management companies which directed the hedge funds, and Laurence Isaacson and Milton Barbarosh, who had financial interests in Boca Raton, Fla.-based "shell" companies in which the hedge funds invested. All of the defendants are charged with one count of conspiracy to commit mail, wire and securities fraud and six counts of wire fraud. If convicted, each of the defendants faces a maximum sentence of 20 years and a $250,000 fine for each count of wire fraud and five years and a $250,000 fine for the conspiracy count. The indictment also seeks forfeiture of their criminal proceeds...

After all, the US Securities and Exchange Commission has been on this case since Jul. 10...2003. After then New York Post columnist Chris Byron had already been on it for a while. Even PricewaterhouseCoopers has already paid the bill for its auditing skills.

Michael Lauer and Four Others Indicted
US Department of Justice press release
Feb. 19 2008