Fraudster Asks High Court To Overturn Conviction

Law360, New York (December 1, 2010, 5:39 PM EST) -- A hedge fund manager convicted of fraud for his role in an investment scheme that cost the Ohio Bureau of Workers' Compensation more than $200 million has asked the U.S. Supreme Court to overturn his conviction.

The petition for a writ of certiorari, filed in the high court Nov. 23 but made public Tuesday, says that Mark B. Lay's conviction should be overturned because investment advisers don't owe fiduciary duties to investors in the funds, Lay didn't gain from the alleged fraud and the trial court...
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