Adviser Gets 12 Years In Ohio Workers' Comp Case

Law360, New York (July 9, 2008, 12:00 AM EDT) -- A hedge fund manager convicted of fraud for his alleged role in an investment scheme that cost the Ohio Bureau of Workers' Compensation over $200 million was sentenced to 12 years in federal prison Tuesday.

U.S. District Judge David J. Dowd Jr. of the Northern District of Ohio sentenced Mark Lay, the chief executive and founder of MDL Capital Management, and also ordered him to pay $213 million in restitution to the bureau and a $590,000 forfeiture, the Associated Press reported.

The Pittsburgh-based firm is no...
To view the full article, register now.