Bernie Madoff may have had the most infamous Ponzi scheme of all time (short of Charles Ponzi), but there are still investors out there getting bilked of their retirement savings and other funds by scammers. First, we have Ponzi schemer Donald Manning sentenced to over 5 years in prison for taking $4.5 million in cash from retirees. Then we have Eric Hauser, former head securities trader and founder of the Lancer Group, manipulating stock values to the tune of $200 million in investor losses. Kudos to the prsoecutors in these two – this is the last thing our economy needs right now.
By Mike Allen San Diego Business Journal
Donald Manning, a former president of an investment firm that bilked some $4.5 million from retirees including members of Manning’s family, was sentenced April 15 to 63 months in federal prison by federal Judge Barry Ted Moskowitz, federal prosecutors said.
Manning, 71, pleaded guilty to conspiracy and fraud charges Jan. 16 in the case that involved two other defendants, Joseph Wayne McCool and Cameron Campbell.
South Florida Business Journal
A former head securities trader pleaded guilty on Tuesday (April 28) in Miami to charges he participated in a scheme to manipulate trading of stocks owned by the Lancer Group hedge funds.
Investors are estimated to have lost $200 million.
Eric Hauser, 65, was founder and primary manager of the Lancer Group.
It was alleged that, between 1999 and 2003, Lauer and others manipulated the closing market price of thinly traded shell company securities to falsely inflate the value of the Lancer Group hedge funds.
