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Former Morgan Stanley Adviser Accused of ‘Ponzi Scheme’ in SEC Suit

  • Shawn Good allegedly used investor cash for personal expenses
  • Bank spokesperson said conduct ‘plainly unacceptable’

A former Morgan Stanley adviser was sued by federal securities regulators for using clients’ money to pay for personal expenses including a Tesla Inc. car, credit card bills and cash transfers. 

Shawn E. Good, 55, from Wilmington, North Carolina, had clients send funds to his personal bank account to supposedly make low-risk investments in real-estate development projects, according to a U.S. Securities and Exchange Commission complaint filed in federal court. Good defrauded investors -- including retirees -- out of at least $4.8 million, resulting in more than $2 million of losses, the regulator said.