Victims of alleged Ponzi scheme speak out - WNEM TV 5

Tough Questions

Victims of alleged Ponzi scheme speak out

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SAGINAW, MI (WNEM) -

Victims of Joel Wilson's alleged Ponzi scheme spoke out as the criminal case continued to play out in court.

Wilson is accused of defrauding his investors out of millions of dollars.

Now, victims who lost their life savings to the scam are wondering if they'll ever get their money back.

"Well into a quarter of a million dollars through my retirement," Vicki Tedrow said.

Tedrow spoke emotionally about being the victim of an apparent Ponzi scheme.

A group of investors who said they were bilked out of hundreds of thousands of dollars, allegedly by financial consultant Wilson, filed suit last year trying to get their money back. A receiver has been appointed to oversee reimbursements to investors like Tedrow.

"At this point he submits documents to the court and his fees at this point at the end of March was $335,000," Tedrow said.

Court filed documents showed expenses for legal, accounting, managerial and trustee expenses now total $339,500, and that has victims like Tedrow crying foul. 

Wilson allegedly took investors' money and bought rental properties, according to the case filed against him. Tedrow said Wilson owned over five dozen of those properties and she said the receiver should use those properties to reimburse victims. 

"We started out with 74 and I think they've sold off 10 or 14," Tedrow said.

"We are not being listened to. We'd like the judge to at least take a moment, sit down and listen to us," she added.

An attorney for the receiver said they think there will be a recovery, but they don't know when.

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