Through an alleged cold-calling scheme, a Philadelphia man with five prior
white-collar convictions pleaded guilty to running a $17 million real-estate
Ponzi scheme, Life's Good Inc..
The case involved over 260 investors, who were promised a 16% return through
Life's Good Inc. The company belonged to Robert Stinson Jr., 55, of
Berwyn, who lived a lavish lifestyle with the money he supposedly made
through bilking small investors out of their retirement funds.
"What makes this particularly harmful is he went after people who
were investing their retirement. A number of people lost their entire
retirement funds," said Assistant U.S. Attorney David Axelrod. Some
victims had self-directed Individual Retirement Accounts, he said.
Stinson also claimed, falsely, to have degrees from the Massachusetts
Institute of Technology and Penn State, authorities said.
Stinson, who remains in custody, faces about 30 years in prison on money
laundering, fraud, and other charges, Axelrod said.