A man convicted of fraud in relation to an Ohio Bureau of Worker’s Compensation scandal was sentenced to 12 years in prison on Wednesday.
Mark D. Lay, of MDL Capital Management in Pittsburgh, will also have to repay $213 million for his part in the scandal.
Although not stealing from the fund, Lay was accused by prosecutors of borrowing against the hedge fund after the fund started to lose money. Those actions turned a $2 million loss into a $216 million loss, according to prosecutors.
Lay is the second big name convicted in the series of scandals which allowed Democrats to sweep state elections in 2006.
Thomas Noe was convicted of theft, money laundering, forgery, and corrupt activity in regards to a rare-coin fund investment.
Lay could have faced up to 27 years in prison.
His lawyers said they intend to file an appeal.
