Federal securities regulators have sued a former Morgan Stanley adviser for using client funds to pay for personal costs such as a Tesla Inc. automobile, credit card bills, and cash transfers.
According to a U.S. Securities and Exchange Commission complaint filed in federal court, Shawn E. Good, 55, of Wilmington, North Carolina, had clients deposit monies to his personal bank account to ostensibly make low-risk investments in real-estate development projects. According to the regulator, Good scammed investors, including retirees, out of at least $4.8 million, resulting in losses of more than $2 million.
According to the regulator, Good’s Ponzi scheme lasted roughly a decade. He utilized the money from his clients to pay bills, reimburse other investors, and send cash via Venmo for transactions.
According to the SEC, Good assured consumers that the wagers he was placing on their behalf were low-risk and would generate returns of between 6% and 10% over three to six months, but he never presented a written agreement.
Maddox Hargett & Caruso, P.C. represents investors nationwide who are trying to recover their losses from Morgan Stanley and Shawn Good. You can call or email our senior partner Mark Maddox to have your potential case evaluated at no charge. Please call 317-598-2043 or email him at firstname.lastname@example.org.