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Former MCA Exec To Pay $242M In Fraud Scandal

Law360 (February 21, 2006, 12:00 AM EST) -- In the latest judgment handed down in the largest securities scandal in Michigan history, the former president of fallen Detroit-area mortgage firm MCA Financial Corp. has been sentenced to a five-year prison term and ordered to pay $242.6 million to investors.

Convicted on charges of conspiracy and mail fraud late last week, the 45-year-old Lee P. Wells will pay the restitution jointly with other defendants. U.S. District Judge John Feikens also sentenced Wells to a three-year term of supervised release after his prison term ends....
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