MDL Capital Fights Lawsuit Over $215 Million Loss - Page 3 of 3 - Black Enterprise

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Black Enterprise Magazine January-March 2019 Issue

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and investor’s remorse. “They came into our office and reconciled all the books,” asserts Lay. “The question for us was — this happened nine months ago, why [is it a problem] all of a sudden?”

Jackson confirmed that Lay met with the BWC’s investment staff. “I can’t speak of what those discussions were, so as far as them being aware of his management decisions,” he says. “I can say though, specifically with regards to leveraging in the hedge fund account, the bureau was not necessarily in agreement with those decisions because it never signed off on the amendments proposed by Mr. Lay to increase the leveraging and give him greater latitude to make those decisions.”

In the meantime, MDL has lost several clients, including the Philadelphia pension system and the Allegheny County Pension Board. “We’ve lost clients and we’ve gotten a couple of clients,” Lay maintains. “There has been a loss of assets, but going forward we feel very confident that we’ll be able to rebuild.”

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