DETROIT (CN) - Detroit-area stockbroker Frank Bluestein was the biggest salesman in a $250 million Ponzi scam that conned elderly people into refinancing their homes, the SEC claims in Federal Court. The agency says Bluestein took $74 million from more than 800 people in the Ponzi scheme run by Edward May and his company, E-M Management.
The SEC sued May in May this year. It says Bluestein targeted elderly people and retirees for so-called "investment seminars," where he conned them into investing in E-M securities.
"His lies, false assurances, and unscrupulous tactics put many investors at risk of losing not only their life savings, but also their homes," the SEC's Chicago region director said in a statement.
Bluestein got $3.8 million in commissions from the scheme, at least $2.4 million of them undisclosed, the SEC said.
Bluestein, 59, lives in Oakland County, Mich.
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