A Portland woman has been found guilty of fraud, the attorney general’s office announced on Tuesday.
Jody Flynn Dalvet induced five Maine investors to pay her investment company more than $1 million by promising them large returns and partnerships with prominent business and political leaders, according to a news release from Attorney General Aaron Frey. The investor funds were diverted for her personal use.
From November 2011 through April 2014, Flynn Dalvet gave investors false financial data and information about business and investment progress, according to the AG’s office.
“These deceptions caused investors to invest additional money and concealed Flynn Dalvet’s diversion of investor funds to pay for a lifestyle of shopping, travel and large cash withdrawals,” the release states.
In a separate case, Flynn Dalvet was convicted in September 2014 of theft for stealing over $330,000 from an investor in a Maine paper company, according to the release.
“While that indictment was pending, Flynn Dalvet hatched a new fraudulent scheme, never disclosing to her new investors that she was under criminal indictment for the misappropriation of investor funds,” the release states. “Flynn Dalvet was sentenced in the first theft case to a term of four years of incarceration, with all but nine months suspended. Sentencing in the present case has not yet been scheduled.”
“Mainers need to be very careful when approached to invest their savings in ventures that promise large returns or include supposed ‘unique’ opportunities,” Frey said. “Would-be investors should consult with trusted professionals, discuss potential investments with family, and thoroughly investigate anyone who approaches them with ‘investments.’”