- Posted October 06, 2011
- Tweet This | Share on Facebook
Man who led Ponzi scheme gets 16 years
DETROIT (AP) -- An Oakland County man whose Ponzi scheme caused investors to suffer millions of dollars in losses has been sentenced to 16 years in federal prison.
Edward May was sentenced in Detroit federal court on Tuesday.
The 75-year-old Lake Orion man pleaded guilty to fraud last spring. He told investors that he had telecommunications deals with big-name Las Vegas hotels and promised easy, double-digit returns. But the money was recycled to pay off earlier investors and spent on May's gambling habit.
The government says investors' losses exceeded $35 million. May's lawyers have said the figure is less than $20 million.
Published: Thu, Oct 6, 2011
headlines Oakland County
- In the spotlight
- Local law students win national moot court competition
- Dept. issues Grant Funding Opportunity for victim advocacy and response services
- Nessel warns of fraudulent Facebook event pages targeting vendors
- Whitmer signs bipartisan bills protecting access to health care, boosting local development
headlines National
- Techshow attendees dig deeper into AI uses and capabilities
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Where can 1Ls get five-figure signing bonuses?
- Law firms see more cyberattacks, ransomware threats, new report says
- BigLaw’s share of litigation funding dropped in 2025
- Woman faces murder charge after allegedly taking abortion medication
