Woman charged in Michigan Ponzi scheme enters plea
Fri, 11 Jul 2014 11:41:36 GMT —
A southwestern Michigan woman has pleaded no-contest for her role in a Ponzi scheme that bilked millions of dollars from senior citizen investors.
Michigan Attorney General Bill Schuette says 56-year-old Mary Faher of Stevensville made the plea to securities fraud at her arraignment Wednesday in Berrien County Trial Court.
A no contest plea isn't an admission of guilt but is treated as such for sentencing.
Faher worked for The Diversified Group Advisory Fund LLC and is accused of keeping about $240,000 in commission from $3 million in investor money. Sentencing is scheduled Sept. 22 in St. Joseph.
Shawn Dicken of Bay City was sentenced last month to up to 20 years in prison for her role in the scheme.
Joel Wilson owned the former investment company and also faces charges.