Berrien County woman charged in relation to Ponzi Scheme that al - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Berrien County woman charged in relation to Ponzi Scheme that allegedly defrauded seniors of millions

Mary Faher Mary Faher

Michigan Attorney General Bill Schuette announced a third round of charges against an investment company accused of running a Ponzi Scheme that defrauded senior citizens of millions of dollars. Those charges were filed against Mary Faher, 56, of Stevensville, MI.

Schuette's office alleges Faher was licensed investment advisor for a company named The Diversified Group Advisory Firm, beginning in 2011. Multiple charges have already been filed against the company, which the Attorney General's office accuses of scamming investors out $8.5 million in total by selling unregistered securities, beginning in 2009.

Faher is accused of making false claims to investors, including claims that their investments were principle protected, providing false guarantees about return rates, and telling investors they could retrieve their money at any time when it would actually take 30 years for any investor to see a profit. The Attorney General also says Faher failed to communicate to investors that they were at risk of losing their entire life's savings.

Schuette says his investigation also revealed that Faher assisted Joel Wilson in funneling investor money into his Ponzi Scheme. Faher allegedly help redirect $3 million into Wilson's scheme, while pocketing $240,000 for herself.

Faher was arraigned in court on Wednesday for four counts of Securities Fraud. She pled no contest and waived her right to a preliminary examination. The Attorney General's office said Faher has agreed to pay restitution to all victims of the scheme and is cooperating with the prosecution against Joel Wilson.

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