Two Michigan Brokers Charged In Connection With Local Ponzi Scheme
Two Michigan Ponzi schemers, Joel Wilson, 31, and Shawn Dicken, 40, were charged with defrauding Michigan victims out of millions of dollars through their investment company, The Diversified Group Advisory Fund LLC.
Investors were told that their funds would be used to purchase distressed properties in the Saginaw and Bay City area. The properties later would be refurbished and sold for profit. As it turns out, the unregistered securities failed to turn a profit. Wilson and Dicken then used new investors’ funds to pay previous investors as well as their personal expenses and to acquire personal assets.
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