Bay City woman accused in multi-million dollar ponzi scheme
Tue, 24 Sep 2013 01:42:25 GMT —
A Bay City woman is facing ten felony charges for her alleged role in a multi-county Ponzi Scheme.
Shawn Dicken, 39, is accused of defrauding senior citizens out of millions of dollars. Dicken was a salesperson for The Diversified Group Advisory Firm LLC, an investment company.
According to the Attorney General Bill Schuette's office, Dicken did not disclose the risks associated with highly leveraged real estate investments They were investments that could have resulted in the loss of all of the investors' money. Many investors risked their life savings.
The investigation revealed that Dicken was allegedly funneling investors' money into a Ponzi Scheme operated by Saginaw native Joel Wilson. Wilson is a fugitive from justice and has felony warrants out for his arrest.
According to the investigation, Dicken defrauded investors out of more than $2 million and took 8 percent commission, pocketing about $160,000 for herself.
On Monday, Attorney General Bill Schuette filed ten felony charges against Dicken, including Criminal Enterprises and Embezzlement. If convicted on all counts, Dicken could face up to 80 years in prison.
"We are aggressively cracking down on criminals who target the life savings of Michigan seniors," Schuette said. "Be wary and ask questions of anyone promising investments that seem too good to be true."
Citizens who believe they may have been victims of Shawn Dicken, Joel Wilson or The Diversified Group are encouraged to file complaints with the
Attorney General's Office.
Just click "File A Complaint."