Joel Wilson Guilty of Racketeering and More
It took the jury almost a full day to discuss and deliberate the charges faced by Joel Wilson – the Bay City business owner accused of running a ponzi scheme through his company – The Diversified Group. But in the end, they were unanimous in their decision, and found Wilson to be guilty on all six counts.
Wilson was charged with two counts fraudulent sale of securities, two counts of sale of unregistered securities, both felonies under Michigan law and punishable by as much as 10 years in prison. He was also charged with single counts of continuing a criminal enterprise, which is also known as racketeering and is by far the most serious charge he was facing, and larceny by conversion $20,000 or more. Racketeering is punishable by up to 20 years in prison.
After the verdict was read, Wilson, who had remained passive and stoic throughout, took his glasses off and turned with teary eyes to face his loved ones and supporters sitting in the gallery. Some supporters were so angry after the verdict was read, they made sarcastic remarks to the victims and their families as people were leaving the courtroom. “God bless you,” they were heard to say, “take a man and ruin his life, God bless you.”
Wilson was immediately handcuffed and led out of the courtroom. It is likely that this will have been his very last day spent in relative freedom for a very long time. He will remain in custody at the Bay County Jail until his scheduled sentencing on April 27th.
For what little comfort he may take from it, Wilson was not the only person involved with The Diversified Group to be charged and found guilty of criminal activity. Mary Faher, a former licensed investment advisor for The Diversified Group who testified in Wilson’s trial, pled guilty to four counts of securities fraud, and Shawn Dicken, a sales woman with Diversified, was convicted on 9 counts of embezzlement, racketeering, and fraud.