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Ponzi Scheme Leader Reporting to Prison This Week

by
Court.
Court.

DETROIT (WKZO) -- A Detroit-area man has been ordered to report to prison later this week for his role in one of Michigan's costliest Ponzi schemes.

Edward May has been sentenced to 16 years behind bars after pleading guilty to 59 counts of mail fraud.  Authorities say the 75-year-old created phone companies and promised large investment returns, costing investors more than 35-million dollars over a ten-year period.

May has been ordered to report to prison Thursday.

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