Ex-Morgan Stanley Advisor Will get 7 Years for Fleecing Purchasers

(Bloomberg) — A former Morgan Stanley monetary adviser was sentenced to greater than seven years behind bars for ripping off retirees and different shoppers in a decade-long Ponzi scheme.

Shawn Edward Good took in $7.2 million from at the very least 13 victims, in accordance with federal prosecutors in Raleigh, North Carolina. As an alternative of investing the cash in actual property tasks and tax-free municipal bonds, he used it to repay earlier traders and to fund a lavish way of life, they stated, calling him a “monetary predator.”

Good’s fraud lasted from 2012 to 2022 and price his shoppers greater than $3 million, prosecutors stated in a courtroom submitting. He was sentenced Wednesday to seven years and three months in jail by US District Decide James C. Dever III, in accordance with a statement from Michael Easley, US legal professional for jap North Carolina. He was additionally ordered to pay $3.6 million in restitution to victims.

“Shawn Good robbed the financial savings and retirements of shoppers who trusted him – together with a widow, a single mother, and a retired police officer,” Easley stated within the assertion.

Good pleaded responsible in September 2022 to wire fraud and cash laundering.

Learn Extra: Ex-Morgan Stanley Adviser Charged With Cheating NBA Players 

Good’s lawyer, Joe Zeszotarski, didn’t instantly reply to a voicemail and e-mail in search of touch upon the sentencing.

“This particular person has not labored at Morgan Stanley since February 2022,” a spokesperson for the financial institution stated in an announcement. “The conduct he was convicted of, which affected a small variety of shoppers, is plainly unacceptable. We cooperated totally with regulation enforcement and different authorities, and respect that the prison prosecution has been efficiently concluded.”

Good used consumer cash for high-end eating places, a house and trip apartment and journeys to Europe and Disney World, in accordance with the federal government. He additionally paid for vehicles, together with a Lexus RX350, a Porsche Boxster, a Tesla Mannequin 3 and an Alfa Romeo Stelvio. 

Between September 2017 and August 2019, he transferred $136,000 in investor funds to “a feminine acquaintance,” in accordance with prosecutors. His Venmo account confirmed $110,000 in funds with memo strains that included “tattoo,” “as a result of your horny,” “Resort for Future,” “Nailz” and “procuring.”

Good instructed shoppers he was placing their cash into low-risk investments that might return as a lot as 10% in three- or six-month phrases. He persuaded some to take out strains of credit score secured by their Morgan Stanley funding and retirement accounts, in accordance with the federal government.

The case is US v. Good, US District Courtroom, Jap District of North Carolina (Raleigh).

Leave a Reply

Your email address will not be published. Required fields are marked *