BAY CITY (WJRT) -
(06/19/14) - A Bay City woman has been sentenced to a maximum of 20 years in prison for her role in a Ponzi scheme that cheated investors out of millions of dollars.
Thursday, a judge handed the sentence down to Shawn Dicken.
Dicken worked as a financial advisor with Diversified Financial. The Bay City company was operated by Joel Wilson, who was arraigned in court last month for the part he played in the money scheme.
Thursday, Dicken learned she'll have a lot of time to think about what she's done. The 40-year old will be spending the next 140 months to 20 years behind bars.
Dicken is convicted of misrepresenting investments offered by Diversified Financial and misleading clients. The Attorney General says the money was funneled into a Ponzi scheme operated by Wilson. The majority of the clients were senior citizens who lost all of their life savings.
Many of the victims showed up to court to learn Dicken's fate. They're not sure if they'll get any of their money back, but they found some contentment in knowing Dicken will pay a price for the crime.
A separate hearing will be held to determine restitution. Dicken's attorney, Jason Gower, says his client will appeal.