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SEC Says Man Swiped $74M From Old Folks

DETROIT (CN) - Edward P. May and his E-M Management Co. targeted elderly people to defraud investors of at least $74 million, and possibly as much as $250 million, by selling bogus securities in LLCs that he claimed had contracts to sell and install telecommunications equipment in Las Vegas hotels and casinos, the SEC claims in Federal Court. See complaint.

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