A federal appeals court has refused to allow a new trial for an investment adviser serving 12 years in the loss of $216 million at the state agency for injured workers.
The three-judge panel of the 6th U.S. Circuit Court of Appeals in Cincinnati has rejected Mark Lay’s argument that there was insufficient evidence of fraud and that jurors were not properly instructed.
Lay was among more than a dozen people convicted in Ohio’s wide-reaching corruption scandal at the Bureau of Workers’ Compensation.
He was the chief executive and founder of the now-defunct MDL Capital Management of Pittsburgh. Prosecutors said he hid the extent of the risk he took in a hedge fund in which the bureau was the sole investor.
Lay’s attorney says he plans to ask the court to reconsider.
Topics Fraud Workers' Compensation Ohio
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