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Tag: Edward May

SENIOR FRAUD CAVALCADE CONTINUES: Ponzi Schemer, 86, Pleads Guilty; Stephen J. Klos Ripped Off Fellow Senior Citizens, Prosecutors Say

Stephen J. Klos, an 86-year-old church usher who sold elderly congregants in the Seattle area into a $3 million Ponzi scheme that began in 2004, has pleaded guilty to 10 counts of securities fraud, the office of King County Prosecuting Attorney Daniel T. Satterberg said. Klos “met several of victims at his church and told…

Jul 31, 2012
BULLETIN: 77-Year-Old Ponzi Enabler And His 40-Year-Old Son Who Helped Confuse Investors In Nevin Shapiro’s $930 Million ‘Grocery’ Ponzi Sentenced To Federal Prison; Roberto And Alejandro Torres Also Hit With $82 Million Restitution Order

BULLETIN: Yesterday a federal judge in Michigan sentenced 75-year-old Ponzi schemer Edward May to 16 years in federal prison for pulling off a $350 million fraud. Today in New Jersey — in a separate case — a 77-year-old Ponzi enabler and his Ponzi-enabling, 40-year-old son were sentenced to combined prison terms of just shy of…

Oct 5, 2011
BULLETIN: Senior Ponzi Schemer Edward May, 75, Sentenced To 16 Years In Federal Prison; $350 Million Ponzi Swindle Called Largest In Eastern Michigan History

BULLETIN: Edward May, 75, effectively has been sentenced to life in prison for orchestrating an elaborate Ponzi scheme that gathered about $350 million and fleeced 1,200 people. Many of his victims were fellow senior citizens, although May also altered the lives of younger victims. Prosecutors described the May Ponzi as the largest in the history…

Oct 4, 2011
Edward May, 74, Pleads Guilty In Michigan Ponzi Caper That Gathered $200 Million; Feds Say He Used 150 LLCs As Part Of Spectacular, Decade-Long Fraud

The senior-citizen Ponzi cavalcade and incredible paperwork maze continues: Edward May, 74, has pleaded guilty in Detroit to 59 counts of mail fraud in a case in which federal prosecutors alleged he rented office space in Lake Orion, Mich., and established 150 LLCs as part of a $200 million Ponzi scheme that operated for a…

Apr 30, 2011