Maine Attorney General Aaron Frey announced on Tuesday that a Portland woman has been found guilty of charge of theft by deception in connection to a million-dollar investment fraud scheme.

Jody Flynn Dalvet of Portland was found guilty by a County jury on Nov. 4, 2024, after prosecutors presented evidence that Dalvet orchestrated a years-long scheme to mislead five local Maine investors into paying her company, Icy Gulch Resources, more than one million dollars.

According to the Maine Attorney General’s Office, from November 2011 to April 2014, Dalvet induced the investors to pay her company by promising large returns and partnerships with prominent businesses and political leaders.

Prosecutors said that Dalvet diverted the more than $1 million of investor funds for her personal use, to pay for a lifestyle of shopping, travel and large cash withdrawals.

“Mainers need to be very careful when approached to invest their savings in ventures that promise large returns or include supposed ‘unique’ opportunities,” Attorney General Frey said in a Tuesday statement.

“Would-be investors should consult with trusted professionals, discuss potential investments with family, and thoroughly investigate anyone who approaches them with ‘investments’”

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. In that case, she was sentenced to a term of four years in prison, with all but nine months suspended.

Sentencing for the present case has not yet been scheduled.