Pittsburgh money manager on trial in Ohio case

[Bravo Zulu]

Pittsburgh money manager on trial in Ohio case
Monday, October 15, 2007
The Associated Press
AKRON, Ohio -- Another trial is set to begin in the wide-ranging scandal involving the Ohio Bureau of Workers' Compensation.

Opening statements were scheduled for today in the case of Mark D. Lay, the head of a money management firm who is accused of losing $215 million in state investment funds.

Mr. Lay, founder and chief executive of MDL Capital Management in Pittsburgh, was indicted in June on charges of investment advisory fraud, mail fraud and conspiracy to commit mail fraud and wire fraud. If convicted in U.S. District Court, he faces a maximum sentence of 20 years in prison, but would likely receive less time under federal sentencing guidelines.

The indictment emerged from a wide-reaching 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, and the investigation reached all the way to former Gov. Bob Taft, who pleaded no contest to charges that he failed to report golf outings and other gifts on his disclosure forms. Mr. Taft was fined $4,000.
http://www.post-gazette.com/pg/07288/825609-100.stm

[Lasher]

1. And IIRC, all those rare coins showed up missing.

Noe had quite the opulent lifestyle.