Thursday, March 21, 2013

Joel I. Wilson: The Saga of a Mini-Madoff


Wilson's picture to appear in dictionary under "chutzpah"
Holds B. S. degree from P. T. Barnum University

Wilson reportedly has helluva time finding underwear; takes a huge pair of nads to defraud people and then ask for legal defense money
Another ripoff tutorial, in case you think this only happens in big cities:

Following the arrest of his wife and being charged himself with nine felonies in connection with an alleged Ponzi scheme, former Bay City businessman Joel I. Wilson has announced the formation of a legal defense fund.

The Bay City Times reported that the Wilson Family Victory Trust will help pay for the legal defense of M. Viktoria and Joel I. Wilson, and publish, print and distribute information, among other things, according to Joel Wilson.

"The Attorney General’s office thinks nothing of wasting tax payer funds to go after this innocent and defenseless young lady in attempt to further his political career." a release from Wilson said. "He also thinks nothing of wasting tax-payer funds in a futile effort to return the equally innocent Joel I. Wilson to Michigan."

M. Viktoria Wilson was arrested on March 13, and arraigned on one charge of lying to a police officer during an investigation into her husband. She is accused of lying about Wilson's whereabouts and contact information. 

In January, Joel I. Wilson was charged with nine felonies, including one count of continuing criminal enterprise, also known as racketeering, a felony punishable by up to 20 years in prison. Wilson also is charged with three counts of selling unregistered securities, a crime that could carry a punishment of up to 10 years in prison. He is charged with one count of larceny by conversion of $20,000 or more and three counts of fraudulent sale of securities, both punishable by up to 10 years. Wilson also faces a single felony charge of larceny of conversion up to $20,000, which carries a penalty of up to five years in prison.

"The Attorney General’s actions show that he will go to any lengths up to and including abusing his office, and the process of the courts to reach his personal and political goals and to punish those who have been brave enough to speak out against him," Wilson's release said. "Bill Schuette is not ashamed to turn the law into a weapon which he can point at his political, ideological, and personal enemies."

Wilson said the defense fund also will help to fact check releases distributed by the Attorney General's office, assist other individuals suffering from the 'authoritarian tactics of the Attorney General's office and also to form a political action committee to oppose the reelection of Schuette.

The Trustee of the Wilson Family Victory Trust said anyone interested in giving to the trust that such gifts are not tax deductible and that any amount given is counted toward your federal gift tax exclusion for the year in which it is given, and gifts are limited to $5000 per person. Funds raised in Germany will be segregated and not used for formation of or donation to a Political Action Committee.


The Securities and Exchange Commission announced on November 20, 2012 that an emergency court order against a Bay City, Michigan-based real estate promoter, and that it has suspended trading in one of the promoter's companies, American Realty Funds Corporation.

According to the SEC's complaint, Joel I. Wilson defrauded investors who bought unregistered securities offered by his company, Diversified Group Partnership Management, LLC, and sold through his brokerage firm, W R Rice Financial Services, Inc. Wilson raised approximately $6.7 million from approximately 120 investors who bought Diversified Group's securities from September 2009 through October 2012, and used the funds to finance his business of buying, renovating, and selling houses in and around Bay City, the SEC alleged.

Although Wilson promised investors that he would invest their money in real estate that would yield returns of 9.9% per year, he used most of it to make unsecured loans to his real estate business, which did not generate enough income to repay the investors. Wilson also diverted $582,000 of investor money to pay personal expenses, including $75,000 he used to buy W R Rice Financial, $46,780 he spent on travel, and $35,000 for his wife's business. In addition, the SEC said Wilson used investors' money to pay for a sponsorship and tickets to the Saginaw Sting football team and to buy thousands of dollars worth of tickets to the Detroit Red Wings.

The SEC alleged that Wilson raised additional funds for his real estate business through stock sales for another of his companies, American Realty Funds Corporation, which trades on the OTC Bulletin Board under the symbol ANFDE. The complaint alleges that there were misrepresentations and omissions in some of the reports the company filed with the SEC, which Wilson signed, including that American Realty has failed to make loan payments and that its purportedly independent directors have undisclosed personal and business relationships with Wilson.

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