Banking & Finance, Human Resources, and Law

Judge sentences woman for Ponzi scheme

March 11, 2015
| By AP |
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A judge has sentenced a woman to prison and ordered her to pay restitution for her role in a Ponzi scheme.

The Michigan attorney general's office said Mary Faher of Stevensville was sentenced yesterday for securities fraud to 23 months to 10 years in prison and has been ordered to help make $2.6 million in restitution to people who were defrauded in the scheme.

The 57-year-old woman worked for The Diversified Group Advisory Fund.

Faher pled no contest in July in Berrien County District Court. The plea isn't an admission of guilt, but lets a judge convict and sentence her.

Last week, a jury convicted 32-year-old company owner Joel Wilson of securities fraud. His sentencing is April 27.

Last June, a judge sentenced Shawn Dicken of Bay City to 11 years and eight months to 20 years in prison for her role in the scheme.

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