- Posted October 06, 2011
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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
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