Man Receives 16 Years for Orchestrating Largest Ponzi Scheme in Michigan History
Edward May was sentenced to 16 years in prison last week in federal court in Detroit for orchestrating the largest Ponzi scheme in Michigan history, according to an FBI press release.
May pled guilty in April to 59 counts of mail fraud in connection with a decade-long investment fraud scheme that cheated investors out of $350 million. According to court documents, May solicited more than 1,200 investors to invest at least $350 million in more than 250 limited liability corporations that purportedly provided telecommunications services to major hotels across the United States. The investments were fictitious and resulted in investor losses of more than $49 million.
Investors were told their funds would be "used solely for the purpose of purchasing telephone, high-speed Internet, low-speed Internet, [and] DVD equipment" under "contacts" and "agreements" that didn't actually exist. Instead of investing the funds as represented, May diverted and misappropriated the funds for his personal purposes and to make Ponzi payments to other investors.
For more information, read the full release here.
About our law firm:
The law firm of Meyer Wilson represents individuals across the country who have been harmed by investment fraud. All of our cases are handled on a contingency fee basis and we never request a retainer of any kind. Contact us toll-free at 1-866-827-6537 for more information or complete the online form on the top of this page and we will respond promptly.
Post a comment
Post a Comment to "Man Receives 16 Years for Orchestrating Largest Ponzi Scheme in Michigan History"
To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."