Mich. Man Who Ran $350M Ponzi Scheme Gets 16 Years

Law360, New York (October 4, 2011, 10:16 PM EDT) -- A Michigan man who pled guilty to orchestrating a $350 million Ponzi scheme was sentenced Tuesday to 16 years in federal prison, prosecutors said.

Edward May, 75, was charged in October 2009 with 59 counts of mail fraud. U.S. District Judge Arthur Tarnow issued the sentence.

Prosecutors sought a sentence between 15 1/2 to almost 20 years, according to their sentencing memorandum.

May had asked for a maximum of 12 1/2 years. His attorneys argued in a memo to the court that the sentence should be...
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