Man ordered to pay $4.4M

DETROIT (AP) -- A judge has barred a Detroit-area money manager from the investment industry and ordered him to pay more than $4 million. The government accused Frank Bluestein of raising some of the millions of dollars that flowed to Edward May in a Ponzi scheme. May, a Lake Orion resident, is serving a 16-year prison sentence. Bluestein says he didn't know May was deep in fraud. Bluestein has not been charged with a crime, but the Securities and Exchange Commission sued him in 2009. Federal Judge Sean Cox signed an order Wednesday in favor of the SEC. It's not clear how Bluestein will come up with $4.4 million. He's told the judge that he's broke. Prosecutors say investors lost more than $35 million with May. They believed they were investing in telecommunications. Published: Fri, Apr 26, 2013