On November 4, 2024, a Cumberland County jury found Jody Flynn Dalvet of Portland guilty of theft by deception. Flynn Dalvet was accused of convincing five Maine investors to give over a million dollars to her investment company, Icy Gulch Resources, under false pretenses. The funds were promised to yield large returns and partnerships with notable business and political figures but were instead used for her personal expenses.
The prosecution presented evidence showing that from November 2011 through April 2014, Flynn Dalvet engaged in fraudulent activities by providing false financial information to the investors. This misinformation led them to invest more money while she misappropriated the funds for personal use, including shopping, travel, and significant cash withdrawals.
Flynn Dalvet had previously been convicted in September 2014 for theft by unauthorized taking after stealing over $330,000 from an investor in a Maine paper company. During this time, she did not disclose her ongoing criminal indictment to new investors as she continued her fraudulent schemes. Her initial sentence included four years of incarceration with all but nine months suspended. Sentencing for the current case is yet to be scheduled.
Attorney General Aaron M. Frey warned, “Mainers need to be very careful when approached to invest their savings in ventures that promise large returns or include supposed ‘unique’ opportunities.” He advised potential investors to consult professionals and investigate thoroughly before investing.
The case was investigated by the Maine Office of Securities and prosecuted by Assistant Attorneys General Gregg D. Bernstein and Elizabeth T. Weyl from the Attorney General’s Criminal Division.
For inquiries about investments or financial professionals, individuals can contact the Maine Office of Securities at 877-624-8551 or visit www.investors.maine.gov.