Money Manager Coughs Up $41M In SEC Ponzi Case

Law360, New York (January 8, 2010, 12:53 PM EST) -- A Detroit money manager accused by the U.S. Securities and Exchange Commission of running a $200 million Ponzi scheme, and by federal prosecutors of criminal mail fraud, has settled the civil claims by agreeing to disgorge more than $37 million plus $3.8 million in interest.

Thursday's consent judgment, in the U.S. District Court for the Eastern District of Michigan, did not include an admission of guilt from telecommunications equipment buyer Edward P. May but did include a $130,000 civil penalty.

SEC spokesman John Heine said Friday...
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