Man accused in Ponzi scheme sentenced to prison
Bay City — A 32-year-old man must serve several years in prison and pay $6.5 million in restitution for defrauding investors of millions of dollars in what prosecutors described as a Ponzi scheme.
A Bay County judge sentenced Joel Wilson on Friday to concurrent terms of 105 months to 20 years and five terms of 80 months to 10 years. The Bay City Times reports he was given credit for 462 days already served. He was convicted in March of all six charges he faced in the securities fraud case.
Wilson was the owner of The Diversified Group Advisory Fund LLC. He was extradited from Germany after being charged in Michigan.
He also was ordered last week to pay $11,000 to the Michigan Attorney General’s Office for the extradition costs.