Edward May Indicted in Ponzi Scheme

Edward May, a 73-year-old resident of Michigan, has been indicted in a ponzi scheme that has been valued at around $200 million. He faces nearly 60 counts of mail fraud — each of which is a felony that calls for up to 20 years in prison. So theoretically, May faces up to 1,200 years in prison.
“Today’s charges allege a financial fraud and abuse of trust on a massive scale,” said Terrence Berg, U.S. Attorney. “Managers of investor funds owe a high duty to those who trust them to steward their savings with care and integrity. If they abuse their customers’ …read more