Loading…
Saturday, July 26, 2014
Current Weather
Loading Current Weather....
HomeHome
Published: Thursday, 6/14/2007

Pennsylvania money manager indicted in Ohio BWC investment scandal

BY STEVE EDER AND JAMES DREW
BLADE STAFF WRITERS
Mark D. Lay Mark D. Lay
HO Enlarge

Federal prosecutors today announced a four-count felony indictment against Mark D. Lay, the head of MDL Capital Management, which lost $216 million it managed for the Ohio Bureau of Workers Compensation in an off-shore hedge fund.

The indictment charges Mr. Lay, 43, of Aliquippa, Pa., with investment advisory fraud, mail fraud, and conspiracy to commit mail fraud and wire fraud. Prosecutors are seeking forfeiture of $1.79 million, the amount MDL was compensated by the bureau for managing the investment.

Mr. Lay is the 19th public official or money manager to be charged since The Blade first reported in April, 2005, about problems with another bureau venture a $50 million investment in rare-coins with former Toledo-area rare-coin dealer and political insider Tom Noe.

If convicted, Mr. Lay could face a maximum of 20 years in prison and hundreds of thousands of dollars in fines.

Read more in later editions of The Blade and toledoblade.com



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.







Poll