Monday, June 17, 2024

Wilmington financial advisor gets 7-year sentence for multimillion Ponzi scheme

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.

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