Wilmington man sentenced for role in decade-long Ponzi scheme
Star-News (Wilmington, NC)
A Wilmington man faces up to 30 years in prison for his role in a $7 million investment fraud scheme.
Shawn Edward Good pleaded guilty Thursday to wire fraud and money laundering, according to a news release from the U.S. Department of Justice.
A complaint filed by the Securities and Exchange Commission in April accused Good of running a decade-long "Ponzi scheme" that resulted in the loss of at least $2 million in investments.
"We are cracking down on fraudsters who scam unwitting investors," said U.S. Attorney Michael Easley in Thursday's release. "This investment advisor breached the trust of at least a dozen clients, taking over $7 million – money he promised would go to low-risk investments – and used it to line his pockets, buying real estate, luxury cars, and vacations. This decade-long scam has finally come to an end."
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Good was a registered representative and investment advisor for Morgan Stanley Smith Barney, LLC in Wilmington. From December 2012 to February 2022, Good solicited funds from clients to his personal bank account for "low-risk investments," which he then used for personal expenses.
According to the release, Good used the more than $7.2 million he frauded from at least 12 victims to pay for his Wilmington residence, condo in Florida, luxury vehicles and vacations, among other expenses.