USA: 71-year Old Charged In $250 Million Scam Targeting Seniors

WASHINGTON (Associated Press), November 21, 2007: Federal authorities say a Detroit-area man bilked senior citizens and others out of as much as $250 million in a long-running scam. They say 71-year-old Edward May promised profits on lucrative telecommunication contracts with Las Vegas resorts and casinos. May and EM Management Company allegedly guaranteed returns on companies that had contracts with Hilton Hotels, MGM Grand Hotel, Tropicana Resort Casino and others. But authorities say the contracts didn't exist -- and the scheme victimized between 500 and 1,200 investors going back to the late 90s. May's attorney declined to comment. Copyright 2007 The Associated Press.