BAY CITY (AP) — A 33-year-old Michigan man convicted of defrauding investors of millions of dollars in what prosecutors described as a Ponzi scheme is facing more prison time.
Attorney General Bill Schuette’s office says Joel Wilson of Saginaw was convicted last Thursday in a Saginaw County courtroom of charges including securities fraud.
Schuette’s office says the latest case is a result of Wilson spreading his financial crimes across multiple Michigan counties.
A lawyer for Wilson had said Wilson simply failed with his businesses and had no criminal intent.
Last year, Wilson was sentenced in Bay County to more than 8 years to 20 years in prison and ordered to pay $6.5 million.
He was the owner of The Diversified Group Advisory Fund LLC.
He was extradited from Germany in 2014 after being charged.
- Posted February 02, 2016
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Man convicted in Ponzi case faces more prison time
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