Michael Lauer

Year made public: 2003
Estimated Losses: $200 million

Connecticut-based Lancer Management Group and its head, Michael Lauer, were charged with overinflating the values of three of the firm's funds. Most of the funds' money was devoted to small cap stocks that performed poorly, which Lauer hid from clients by lying. He was found guilty in 2008 of civil fraud charges brought by the SEC. He is awaiting trial on related criminal charges, of which he has maintained his innocence.