AKRON, Ohio - An investment adviser to the state agency for injured workers was convicted Tuesday of fraud charges connected to the loss of $216 million in a high-risk hedge fund, becoming the 20th person convicted in a wide-reaching scandal.
Mark Lay, chief executive and founder of MDL Capital Management of Pittsburgh, appeared stunned after the first verdict was read, rubbing his hands together and leaning back in his chair.
He was convicted of investment advisory fraud, two counts of mail fraud, and conspiracy to commit mail and wire fraud. He will remain free on bond and be sentenced early next year, Judge David D. Dowd Jr. said. He could face as many as 20 years in …
No comments:
Post a Comment