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Investment Advice Fraud

Columbus, OH: (Apr-01-08) The state Attorney General's office brought charges against Mark Lay, an Aliquippa man, alleging that a report showed that the state's Bureau of Workers' Compensation lost money in a fund managed by Lay's company. The suit filed by the state sought $216 million in compensation, stating that was the amount lost as a result of Lay's fraud. The suit named Lay and his company MDL Capital Management as defendants. Records show that Lay was convicted in October 2007 on federal charges of investment advisory fraud, mail fraud and conspiracy to commit mail and wire fraud. Prosecutors said Lay ignored risk limits set by the bureau.

As part of a settlement agreement reached between the two parties Lay agreed to pay the state $5 million and legal fees to resolve allegations, though Lay, whose MDL Capital Management managed the bureau's investments, did not admit to any wrongdoing. State officials claimed that Lay could face up to 20 years in prison. They said that the state accepted the much reduced settlement, so as to avoid the costs and uncertainties of litigation. [BEAVER COUNTY TIMES: OHIO ACCEPTS INVESTMENT FRAUD SETTLEMENT]


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Published on Apr-2-08


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