Michigan Financial Advisor Accused in $8.5 Million Ponzi Scheme

Michigan's Attorney General charged MARY A. FAHER (CRD# 2852644) of Stevensville, Michigan, who worked as an investment advisor with The Diversified Group Advisory Firm, beginning in 2011, with running a Ponzi Scheme that defrauded senior citizens out of millions of dollars. Faher was arraigned on four counts of Securities Fraud.

Multiple charges have also been filed against The Diversified Group Advisory Firm, which was accused of scamming their investors, primarily seniors, out of $8.5 million by selling unregistered securities since 2009.

According to the Attorney General, Mary Faher failed to tell those senior investors that they could risk losing their entire life's savings. Faher was accused of making false claims to the investors, giving false guarantees about return rates, and telling investors, primarily seniors, that they could have their money at any time when in fact, it would take nearly 30 years for any of the investors to see a profit from their investments.

The Attorney General's office said their investigation revealed also that Mary Faher assisted Joel Wilson in redirecting $3 million into Wilson's Ponzi scheme, and keeping $240,000 personally.

Mary A. Faher, was also a registered representative in 2011 with FIFTH THIRD SECURITIES, Inc. of Niles, MI

MARY A. FAHER, according to FINRA's BrokerCheck, was previously registered with the following securities firm(s):

W R RICE FINANCIAL SERVICES, INC. (CRD# 36700) - ST. JOSEPH, MI
FINRA expelled the firm in 12/2012 03/2011 - 11/2012

FIFTH THIRD SECURITIES, INC. (CRD# 628) - NILES, MI
03/2004 - 02/2011

RAYMOND JAMES FINANCIAL SERVICES, INC. (CRD# 6694) - ST. PETERSBURG, FL
02/2003 - 01/2004

If you have become a victim of this Ponzi Scheme or another, call Soreide Law Group for a free consultation on how to potentially recover your losses at: 888-760-6552. We represent our clients nationwide.