Former Wilmington financial advisor sentenced to prison for Ponzi scheme
WILMINGTON, NC (WWAY) – A former Morgan Stanley financial advisor will spend more than seven years in prison for carrying out a multimillion dollar Ponzi scheme.
A judge has sentenced Shawn Edward Good to 87 months in prison followed by three years of supervised release. Good pleaded guilty to wire fraud and money laundering on September 15, 2022 and was also ordered to pay $3,619,594 in restitution to victims.
“This investment advisor was a financial predator who used his position of trust to run a decade-long Ponzi scheme that took in more than $7 million from over a dozen clients,” said U.S. Attorney Michael Easley. “Shawn Good robbed the savings and retirements of clients who trusted him – including a widow, a single mom, and a retired police officer. He did it out of pure greed, to fuel his lavish lifestyle – purchasing luxury cars, exotic vacations and real estate. His scheme has finally come to an end thanks to the unshakable courage of the victims and the hard work of law enforcement at the IRS and the SBI. Faced with a choice between right and wrong, Mr. Good chose wrong. Now he will spend the next seven-plus years in federal prison.”
At least 12 victims invested approximately $7,246,300 with Good.
Instead of investing in land development or bonds, Good used the money for personal expenditures including his Wilmington residence; a condominium in Florida; luxury vehicles including a Mercedes Benz, a Porsche Boxster, a Tesla Model 3, an Alpha Romeo Stelvio, and a Lexus RX350.
He also spent the money on fine dining and vacations to Paris, France; Cinca Terra, Italy; Jackson, Wyoming; Las Vegas, Nevada; and other destinations. To lend credibility to the Ponzi scheme and to elude detection, Good also used a portion of investor funds to make payments to earlier investors.