WILMINGTON — A former financial advisor for Moran Stanley Smith Barney was sentenced to 87 months in prison after pleading guilty to wire fraud and money laundering in September.
Shawn Good executed a scheme to obtain money through investment fraud, commonly known as a Ponzi scheme, from 2012 to February 2022. The investment scheme totaled $7 million.
READ MORE: Guilty: Wilmington investment advisor admits to role in $7 million fraud scheme
Once released from prison, Good will serve three years under supervised release; he was also ordered to pay $3,619,594 in restitution to his victims. At least 12 people invested with Good, who solicited investments for purported real estate projects and tax-free municipal bonds. He then convinced his clients to wire their money to his personal bank account.
Good used the money for personal expenditures — his Wilmington residence, a Florida condominium, luxury vehicles, fine dining and vacations to several destinations, including France and Italy.
According to U.S. attorney Michael Easely, who sentenced Good, the victims included a widow, retired police officer and single mom.
“He did it out of pure greed, to fuel his lavish lifestyle,” Easely wrote in a press releas.
Email tips or concerns to email@example.com.
Want to read more from PCD? Subscribe now and then sign up for our morning newsletter, Wilmington Wire, and get the headlines delivered to your inbox every morning.