Saginaw man accused of embezzlement still on the loose - WFXG FOX54 Augusta - Your News One Hour Earlier

Saginaw man accused of embezzlement still on the loose

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SAGINAW, MI (WNEM) -

Criminal charges have been filed against a Saginaw man accused of running a Ponzi scheme.

Joel Wilson, 30, allegedly ran the scheme and is charged with defrauding at least three Michigan victims out of nearly a half-million dollars.

The charges were announced Tuesday by Michigan Attorney General Bill Schuette and allege that Wilson scammed his victims through an investment firm known as The Diversified Group Advisory Fund LLC.

It is believed that Wilson defrauded investors by claiming funds would be used to purchase homes in Saginaw in need of repair.  Those homes would be fixed up and then sold for profit.  That is how clients would see a return on their initial investment.

It is alleged that Wilson pocketed nearly $50,000 to pay for personal items.

Wilson faces nine charges in Bay County District Court. Once he is in police custody, an arraignment date will be set.

Anyone who believes that they were a victim is urged to visit www.michigan.gov/ag.

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