Saginaw man accused of Ponzi Scheme has first day in court
BAY COUNTY (WJRT) -
(05/16/14) - He evaded authorities for a year, but Wednesday, Joel Wilson saw his first day in court.
The 32-year-old Saginaw man took off to Germany just as the Michigan Attorney Generals office began an investigation into his business, Diversified Financial Group, in Bay City.
Wilson was transported by U.S. Marshals from Germany to the Bay County Jail, Thursday.
He is accused of leading a Ponzi Scheme that ripped investors out of their money. Friday, he faced a total of nine charges - including racketeering, larceny and fraudulent sale of securities.
The people who trusted them with their money, some who gave all they had, saw him for the first time since he took off to Germany.
Wilson's lawyer says it was a move his client had planned with his wife long before the criminal charges were filed. He was working as an English professor before he was arrested by German police in January.
His attorney entered a not guilty plea on his behalf. Wilson is being held on a $1 million bond for each of the nine charges, along with more than $2,000 in other costs and fines.
Those who invested with Wilson declined an on-camera interview. They lost hundreds of-thousands of dollars and don't expect to get any money back when it's over.