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SEC Prosecutions
Final Judgment Against Detroit-Area Resident for Massive Offering Fraud Targeting Seniors
SEC v. Edward P. May and E-M Management Co. LLC
- 2010
- $40.9 Million
Defendants sold shares of limited liability companies to investors that they claimed had received revenues from telecommunications equipment and services contracts with hotels, casinos, resorts and similar establishments, many of which were purportedly located in Las Vegas. In fact, no such contracts ever existed. The scheme raised as much as $250 million between 1998 and July 2007, from as many as 1,200 investors, many of whom were senior citizens. In addition to the SEC’s recovery, defendant May was sent to prison for 16 years.
