Fraudster Told To Report To Prison Next Week
DETROIT (AP) – An Oakland County man has been ordered to report to prison next Thursday for a Ponzi scheme that cost investors more than $35 million.
Edward May of Lake Orion asked for a 30-day delay, saying he just recently learned of the reporting date. Federal Judge Arthur Tarnow says any communications problem is not a reason to postpone the start of a 16-year prison sentence.
May is 75 years old. He pleaded guilty to fraud earlier this year.
He told investors that he had telecommunications deals with big-name Las Vegas hotels and promised easy, double-digit returns. But the money was recycled to pay off earlier investors and spent on May’s gambling habit. Prosecutors say he took in $200 million.
© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.