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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here