SEC charges stockbroker over $250 million Ponzi
The Securities and Exchange Commission (SEC) this week charged a Detroit-based stockbroker over a Ponzi scheme that allegedly tricked elderly investors out of $250 million. The SEC says Frank Bluestein persuaded elderly homeowners to refinance their home mortgages, acting as the principal salesman for the scheme operated by Edward May and his E-M Management Company (E-M).
The US regulator’s complaint alleges Bluestein raised around $74 million from more than 800 investors through the sale of E-M
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