Legal
Ex-Morgan Stanley Adviser Gets Seven Years for Fleecing Clients in Ponzi Scheme
- Shawn Edward Good pleaded guilty to stealing from retirees
- He used funds on luxury cars, Disney trip, ‘Hotel for Destiny’
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A former Morgan Stanley financial adviser was sentenced to more than seven years behind bars for ripping off retirees and other clients in a decade-long Ponzi scheme.
Shawn Edward Good took in $7.2 million from at least 13 victims, according to federal prosecutors in Raleigh, North Carolina. Instead of investing the money in real estate projects and tax-free municipal bonds, he used it to pay off earlier investors and to fund a lavish lifestyle, they said, calling him a “financial predator.”