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Feds Say Guilty Plea Likely By Ponzi suspect

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DETROIT (AP) – An Oakland County man accused of a $200 million investment scam is returning to court for a likely guilty plea.

Edward May was charged in 2009. He’s accused of misleading people into believing they were putting money into telecommunication deals. The government says it was a massive Ponzi scheme, with money recycled between investors.

The U.S. attorney’s office says a guilty plea is anticipated Friday afternoon. Messages seeking comment were left with May’s attorneys.

The government says losses exceeded $35 million by 2007 when the Securities and Exchange Commission stepped in with a civil lawsuit.

Lawyer David Findling says about $3 million has been recovered so far from investors who were ahead when May’s operation collapsed. The goal is to share money with investors who were in the red.

Copyright 2011 by The Associated Press. All Rights Reserved.

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