Former Morgan Stanley Advisor Pleads Guilty to $7 Ponzi Scheme

However, Good didn’ t use the money to invest in the real estate or bonds, but instead he used new investors’ funds to repay previous investors; in 2020 and 2021 alone, he used about $1.6 million of new funds to pay back investors, according to the SEC.. He also used the funds for personal expenses, including payments on his house in Wilmington, N.C., as well as a Florida condo,…