Saginaw man accused of investment scheme fraud

State prosecutors have filed charges against a Saginaw man who is accused of fraud in an investment scheme worth nearly $500,000.

Joel Wilson is accused of collecting money from at least three investors and telling them it would be used to purchase, fix and resell distressed homes in Saginaw and Bay City


The attorney general's office says Wilson kept some money for his own use and also recycled it among other investors.

He was charged last week with racketeering, larceny and other crimes. Wilson's phone was unanswered Monday at his Saginaw-based business, The Diversified Group.

The attorney general's office says he hasn't appeared yet in Bay City District Court.