Adviser Found Guilty In Ohio Workers' Comp Case

Law360, New York (October 30, 2007, 12:00 AM EDT) -- A federal jury has convicted a hedge fund adviser of fraud after he lost the Ohio Bureau of Workers' Compensation over $200 million with a risky investment gone awry.

On Tuesday, a group of Mark Lay's peers returned a guilty verdict for the chief executive and founder of MDL Capital Management of Pittsburgh after deliberating for one day, the Associated Press reported.

Along with investment advisory fraud, Lay was convicted on mail fraud and conspiracy to commit mail and wire fraud. The decision carries a maximum...
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