Feds Say Guilty Plea Likely By Ponzi suspect
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.
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