Man Indicted in Pennsylvania Ponzi Scheme Fails to Mention Previous Convictions
Robert Stinson, of Berwyn, Pennsylvania, allegedly told investors that
he had an impressive background in business and was a graduate of MIT.
Unfortunately for his 260 investors, Stinson bent the truth and failed
to mention his previous fraud convictions and run-ins with the SEC.
Stinson has now pleaded guilty in this $17 million Pennsylvania Ponzi scheme. The 26-count indictment included charges of wire fraud, mail fraud, money laundering, and obstruction of justice, among others. He faces a potential 324 - 405 months in prison.
Stinson, through his company Life's Good, Inc., offered fixed annual returns of 10% -16% on investments in real estate hedge funds. It is alleged that Stinson was instead running a Ponzi scheme and paying off previous investors while funding his own lavish spending, including two Mercedes Benz sedans.
It is also alleged that Stinson obstructed justice when he attempted to wire cash out of the company's account during the FBI's investigation.
The Pennsylvania securities fraud lawyers with Meyer Wilson represent victims of Pennsylvania Ponzi schemes in stockbroker mediation, arbitration, and litigation claims. We have recovered millions of dollars for our clients and look forward to helping you.