Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Ohio: Investment scandal trial begins

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
LeighAnn Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-15-07 05:10 PM
Original message
Ohio: Investment scandal trial begins
Source: AP via Hemscott

AKRON, Ohio (AP) - An investment adviser for the Ohio Bureau of Workers' Compensation lied about and manipulated $215 million in state funds for injured workers, the government said Monday as his trial began.

Mark D. Lay, head of a money management firm, exceeded his investment authority by using high-risk hedge investment funds, Assistant U.S. Attorney Benita Pearson said in opening statements in U.S. District Court.

'It was not Mr. Lay's money to gamble with,' Pearson said.

Lay was indicted in June on charges of investment advisory fraud, mail fraud, and conspiracy to commit mail and wire fraud as part of an investigation into a wide-reaching bureau investment scandal that reached to the former governor.

<snip>

The indictment emerged from a case that began with the 2005 revelation that prolific Republican donor Tom Noe was investing state money in rare coins. Nineteen people have been convicted in the scandal, which rocked state politics.

More than $300 million in losses were reported at the bureau. Former Gov. Bob Taft pleaded no contest to charges that he failed to report golf outings and other gifts on his disclosure forms and was fined $4,000.

Read more: http://www.hemscott.com/news/latest-news/item.do?newsId=51178830793923
Printer Friendly | Permalink |  | Top
Wwagsthedog Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-15-07 07:14 PM
Response to Original message
1. Lay, hmmmmm.
Must run in the family.
Printer Friendly | Permalink |  | Top
 
dickbearton Donating Member (577 posts) Send PM | Profile | Ignore Mon Oct-15-07 08:14 PM
Response to Original message
2. A prolific Republican donor indicted for fraud and conspiracy...
It figures. The GOP is a party of crime and corruption,
financial and otherwise.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Oct 31st 2024, 05:54 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC