- 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
- Youth Law Conference
- Marijuana wholesale tax cleared for implementation by Court of Claims
- Scam alerts focus of Holiday Consumer Protection Campaign
- Nessel secures court victory for wind energy permitting
- Whitmer signs bipartisan bills to lower costs for Michigan National Guard members and their families
headlines National
- The business of successfully running an in-house department
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Justice Gorsuch writes children’s book about ‘Heroes of 1776’
- Companies use ‘deceitful tactics’ to market harmful ultra-processed products with ‘addictive nature,’ city’s suit alleges
- Lawyer accused of trying to poison her husband
- ‘Lawyers Gone Wild’? Filmmaker criticizes bar as he seeks ethics probe of serial killer’s daughter for alleged lie
