Man Accused of Making $17 Million in Real Estate Ponzi Scheme
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.