(Bloomberg) — A former Morgan Stanley monetary adviser was sentenced to greater than seven years behind bars for ripping off retirees and different purchasers in a decade-long Ponzi scheme.
Shawn Edward Good took in $7.2 million from at the least 13 victims, in keeping 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 buyers and to fund a lavish life-style, they stated, calling him a “monetary predator.”
Good’s fraud lasted from 2012 to 2022 and value his purchasers greater than $3 million, prosecutors stated in a court docket submitting. He was sentenced Wednesday to seven years and three months in jail by US District Decide James C. Dever III, in keeping with a assertion from Michael Easley, US legal professional for japanese North Carolina. He was additionally ordered to pay $3.6 million in restitution to victims.
“Shawn Good robbed the financial savings and retirements of purchasers 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.
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Good’s lawyer, Joe Zeszotarski, didn’t instantly reply to a voicemail and e mail searching for 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 purchasers, is plainly unacceptable. We cooperated totally with legislation enforcement and different authorities, and respect that the prison prosecution has been efficiently concluded.”
Good used shopper cash for high-end eating places, a house and trip condominium and journeys to Europe and Disney World, in keeping with the federal government. He additionally paid for automobiles, 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 keeping with prosecutors. His Venmo account confirmed $110,000 in funds with memo traces that included “tattoo,” “as a result of your attractive,” “Resort for Future,” “Nailz” and “buying.”
Good advised purchasers 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 traces of credit score secured by their Morgan Stanley funding and retirement accounts, in keeping with the federal government.
The case is US v. Good, US District Court docket, Jap District of North Carolina (Raleigh).