SEC charges stockbroker over $250 million ponzi scheme

The Securities and Exchange Commission (SEC) has charged a Detroit stockbroker over a Ponzi scheme that allegedly tricked investors out of $250 million.

The charges, brought on September 28, claim Frank Bluestein persuaded homeowners to refinance their mortgages, acting as the principal salesman for a scheme operated by Edward May and his company, E-M Management.

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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