Joel Wilson Arraigned On Multiple Felonies
Joel Wilson, the Michigan man accused of swindling millions of investor dollars in a Ponzi scheme, was recently extradited from Germany on multiple felony charges.
On Friday of last week, Wilson appeared before Bay County District Judge Dawn A. Klida via closed circuit video from the Bay County Jail where he is currently housed. He was arraigned on three counts of fraudulent sale of securities, three counts of sale of unregistered securities, one count of continuing a criminal enterprise or racketeering, one count of larceny by conversion $20,000 or more, and one count of larceny by conversion between $1,000 and $20,000.
These are all felony charges punishable by various prison sentences and fines, but the most serious is the charge of continuing a criminal enterprise or racketeering, which is punishable by up to 20 years in prison with the possibility of a fine of up to $100,000.00.
Wilson’s attorney, Matthew S. Kolodziejski of Detroit, appeared in person before the Judge, saying that his client would waive the formal reading of the charges. He also requested on behalf of Wilson, that a not guilty plea be entered to all charges.
Assistant Attorney General Norm Donker said that the U.S. Securities Exchange Commission had scheduled a hearing on December 12th, 2012 for Wilson in federal court. At that time Wilson apparently already had a ticket purchased for a trip to Germany which was scheduled to depart on December 17th, but Wilson changed the departure date to the 3rd of December, allowing him to evade the authorities. In this light, the prosecution viewed Wilson as a flight risk and requested that the Judge set bail at one million dollars for each felony charge.
Kolodziejski contested this, saying that Donker’s depiction of the case itself and Wilson as a flight risk was incorrect. He cited ties to the community and the lack of a criminal record as examples. He also pointed out that Wilson had legitimate reasons for going to Germany, as he was married to a German woman and they had planned to move back there together in 2012.
However, Klida set bail at a cumulative $9 million, stating that she thought Wilson was a significant flight risk. “The fact that he has ties to Germany just kind of solidifies that in my view”, the Judge stated. In addition, Klida pointed out Wilson’s $2,156 in unpaid fines and costs, which she said was another indication of his disrespect for the court and legal systems in general. One of the conditions set was that if Wilson posts bond, he is to surrender his passport and have no access to computers.
At the hearing on Friday, Wilson waived his right to a preliminary examination within 14 days of the arraignment. Kolodziejski also requested that the Judge set a date for the hearing that is at least 30 days away. Klida complied, and the date is currently pending.