Adviser Loses Appeal In Ohio Workers' Comp Case

Law360, New York (July 14, 2010, 6:37 PM EDT) -- A hedge fund manager convicted of fraud for his role in an investment scheme that cost the Ohio Bureau of Workers' Compensation over $200 million lost his appeal for a new trial Wednesday.

A three-judge panel of the U.S. Court of Appeals for the Sixth Circuit affirmed a 2007 conviction of Mark B. Lay for investment advisory fraud, mail fraud and conspiracy to commit mail and wire fraud.

In 2008, Lay, the former head of the now-defunct hedge fund adviser MDL Capital Management Inc., was sentenced...
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