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Saginaw man charged in Ponzi scheme

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SAGINAW (WKZO) -- Michigan Attorney General Bill Schuette has filed several charges against a Saginaw man for operating a Ponzi scheme.  Prosecutors say 30-year-old Joel Wilson took hundreds of thousands of dollars from at least three victims.

Wilson owned the investment company Diversified Group Advisory Fund LLC and told investors their money would be used to buy distressed properties in Saginaw and Bay City.  He said the home would be refurbished and sold with the profits being returned to investors.

Prosecutors say Wilson failed to make profits and used investment money to repay some of his clients.  He also allegedly used nearly 50,000-dollars to buy personal items and pay expenses.

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