AUGUSTA – On November 4, 2024, a Cumberland County jury returned a verdict of guilty against Jody Flynn Dalvet of Portland on the charge of theft by deception. Flynn Dalvet fraudulently induced five local Maine investors to pay her investment company Icy Gulch Resources more than a million dollars by promising them large returns and partnerships with prominent business and political leaders. Instead, she diverted the investor funds for her personal use.
At trial, attorneys from the Office of the Attorney General showed evidence that from November 2011 through April 2014 Flynn Dalvet engaged in a fraudulent scheme that included providing the Maine investors with false financial data and information about business and investment progress. 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.
Flynn Dalvet was previously convicted in September 2014 of theft by unauthorized taking for stealing over $330,000 from an investor in a Maine paper company. 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. 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,” said Attorney General Frey. “Would-be investors should consult with trusted professionals, discuss potential investments with family, and thoroughly investigate anyone who approaches them with ‘investments’”
Anyone with questions about an investment or a financial professional can contact the Maine Office of Securities at 877-624-8551 or www.investors.maine.gov.
This case was investigated by the Maine Office of Securities. Assistant Attorneys General Gregg D. Bernstein and Elizabeth T. Weyl prosecuted this case for the Attorney General’s Criminal Division.