The chief executive of what was touted as a $100 million investment fund aimed in part at Ohio medical device companies has been indicted for his alleged role in the failure of a suburban Cleveland credit union. The indictment of 43-year-old businessman Eddy Zai, who was charged with 34 counts related to more than $16 million in unpaid loans, raises questions about the future of the Cleveland Bio Fund, which was planning to invest in small- to medium-sized medical device companies that were looking to expand in China. Zai surrendered to the FBI this morning, The Plain Dealer reported.
