WILMINGTON — A former monetary advisor for Moran Stanley Smith Barney was sentenced to 87 months in jail after pleading responsible to wire fraud and cash laundering in September.
Shawn Good executed a scheme to acquire cash by way of funding fraud, generally often known as a Ponzi scheme, from 2012 to February 2022. The funding scheme totaled $7 million.
READ MORE: Responsible: Wilmington funding advisor admits to function in $7 million fraud scheme
As soon as launched from jail, Good will serve three years below supervised launch; he was additionally ordered to pay $3,619,594 in restitution to his victims. A minimum of 12 folks invested with Good, who solicited investments for purported actual property tasks and tax-free municipal bonds. He then satisfied his purchasers to wire their cash to his private checking account.
Good used the cash for private expenditures — his Wilmington residence, a Florida condominium, luxurious autos, superb eating and holidays to a number of locations, together with France and Italy.
In accordance with U.S. lawyer Michael Easely, who sentenced Good, the victims included a widow, retired police officer and single mother.
“He did it out of pure greed, to gas his lavish life-style,” Easely wrote in a press releas.
Electronic mail ideas or issues to email@example.com.
Need to learn extra from PCD? Subscribe now after which join our morning publication, Wilmington Wire, and get the headlines delivered to your inbox each morning.