Ponzi Scheme Defendant Faces Charges in Bay and Saginaw Counties
Joel Wilson, the man accused of running a real estate related Ponzi scheme in Bay County was extradited last year from Germany to face larceny and racketeering charges in Bay County. He is accused of defrauding several Michigan residents out of substantial sums of money. As it turns out, he will now be facing criminal charges in Saginaw County as well.
According to court documents and police records, Wilson allegedly defrauded investors through his company, The Diversified Group. He told investors that their money would be used to purchase and fully refurbish distressed property in the Bay City and Saginaw areas. However, when the investments failed to turn a profit, Wilson apparently sought additional investors. He used their money to pay out investments to earlier investors. According to Michigan Attorney General Bill Schuette, this is the hallmark of a Ponzi scheme.
Wilson was initially arraigned in Bay County on a number of very serious charges, including: three counts of fraudulent sale of securities, three counts of sale of unregistered securities, a single count of continuing a criminal enterprise or racketeering, a single count of larceny by conversion $20,000 or more, and a single count of larceny by conversion between $1,000 and $20,000. A jury trial is scheduled for February 10th in Bay County’s 18th Judicial Circuit Court.
With the addition of charges in Saginaw County, it looks like there is even more on Wilson’s plate than he originally anticipated. And it’s not likely to get any better from here on out.
Wilson was arraigned Tuesday, January 6th in Saginaw County on an additional single charge of continuing a criminal enterprise or racketeering, two further counts of fraudulent sale of securities and an additional count of count of larceny by conversion between $1,000 and $20,000.
During the arraignment, Judge M. Randall Jurrens set the bail at one million dollars. The judge scheduled a pre-exam conference for January 20th, and the preliminary hearing for January 27th. The case will be heard by Saginaw County 70th District Court Judge Terry L. Clark.