- Associated Press - Friday, March 6, 2015

BAY CITY, Mich. (AP) - A 32-year-old man who authorities say ran a Ponzi scheme that defrauded investors of millions of dollars faces sentencing in April.

The attorney general’s office says Joel Wilson was convicted of all six charges in Bay City on Thursday in the securities fraud case. A racketeering charge is punishable by up to 20 years in prison. Sentencing is April 27.

Defense attorney Matthew S. Kolodziejski says Wilson’s business was legitimate and naturally failed.

Wilson was the owner of The Diversified Group Advisory Fund LLC. He was extradited from Germany last year after being charged in Michigan.

In July, company employee Mary Faher of Stevensville pleaded no-contest to securities fraud. Her sentencing is Monday. In June, Shawn Dicken of Bay City was sentenced to prison for her role in the scheme.

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