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Posted: Thursday, 10 July 2014 3:40PM

Stevensville Woman Charged For Alleged Ponzi Scheme Role



A Stevensville woman is facing felony charges from the state of Michigan for her alleged role in an extensive multi-county Ponzi scheme. 56-year-old Mary Faher is accused of defrauding senior citizens out of millions of dollars while working as a licensed investment advisor for The Diversified Group Advisory Firm LLC. She started the job, and the alleged crime, in 2011. Attorney General Bill Schuette alleges she was funneling money from investors into a Ponzi scheme run by Joel Wilson of Saginaw, who is also facing multiple felony charges. Faher was arraigned Wednesday and pled no contest to four charges of Securities Fraud and waived her right to a preliminary examination. She has also agreed to pay restitution for all victims and cooperate with prosecutors by testifying against Wilson.

Photo courtesy of the office of Attorney General Bill Schuette.

   

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