Ohio BWC lost $216 million in fraudulent hedge fund investment firm
The Ohio BWC (Bureau of Workers’ Compensation) lost $216 million out of an initial $355 million investment placed with a corrupt hedge-fund firm that was headed by (recently convicted) Mark D. Lay. Since a criminal conviction against Lay was pursued by federal prosecutors, the Ohio Attorney General’s Office only filed a civil case against Lay. Former Republican Atty. General Jim Petro initiated the civil case against Lay in 2005.
Since the case was initially filed in mid-2005, the Ohio A.G.’s Office has spent more than $1.8 million of taxpayers’ money on legal fees and expenses in order to possibly recoup only $5 million of the $216 million that was actually lost. Lay will be sentenced on May 27 and he faces a sentence of up to 20 years in prison for his federal conviction. If Lay can’t get the federal charges overturned and avoid a long prison term, then it’s very possible that none of the $5 million settlement that Lay agreed to pay the state will be ever be recovered.
For a more detailed story, visit: BWC lawsuit cost state $1.8 million — or simply continue reading further on in this post.

