Investment Advisor Agrees to Pay $5 Million to Ohio Workers' Comp Fund
June 9, 2008 08:38

A hedge fund manager who was convicted of defrauding the Ohio Bureau of Workers' Compensation to the tune of $216 million has agreed to pay the Bureau $5 million plus court costs to end a civil suit filed against him.

Mark D. Lay of MDL Capital Management and MDL Active Duration Fund has not admitted wrongdoing, but made "'a business decision'" to stop contesting the state's civil lawsuit, his attorney told the Columbus Dispatch Newspaper.

"He has to swallow hard to put this behind him because he needs to move on," Columbus attorney Percy Squire said.

Tags: Mark D. Lay, MDL Capital Management, MDL Active Duration Fund, Ohio Bureau of Workers' Compensation, workers' comp fraud