Mark Lay

Mark Lay CEO of MDL Capital Management was sentenced to 12 years in prison and must pay restitution of $212.9M and $590K in assumed earnings. The hedge fund had only one investor (The Ohio Bureau of Worker's Compensation) and was set up in Bermuda. He was convicted of advisory fraud, mail fraud (two counts) and conspiracy to commit mail and wire fraud. The full 7/8/2008 CNNMoney article can be read here.