Former Tucson Businessman Pleads Not Guilty to Ponzi Scheme
Herbert Kay, a former Tucson businessman, plead not guilty to charges that he ran a Ponzi scheme.
Kay is accused of collecting $200,000 from five victims andusing the money to pay previous investors. Kay faces 15 charges including theft, illegal control of an enterprise, money laundering, sale of an unregistered security, and fraudulent schemes and artifices. Kay denies any wrongdoing and claims his business simply failed and that he has repaid some investors.
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