More Than 260 Investors Allegedly Lose More than $17 Million in Ponzi Scheme
Last month, 56-year-old Robert Stinson, Jr. pleaded guilty to several offenses related to an alleged Ponzi scheme that is said to have cost more than 260 investors more than $17 million.According to the plea memo, Mr. Stinson and two other people started Life's Good Inc. in September 2006. Investors were reportedly told that Life's Good was a real estate fund that invested in "business-to-business, high-yield, short-term secured mortgages." Investors were also reportedly told that Mr. Stinson was an MIT graduate who oversaw 4 real estate hedge funds and could promise them annual returns of 10 - 16%. The plea memo further alleges that Mr. Stinson created a false 46-page prospectus, and that 2 financial advisory firms referred clients to Life's Good for a fee.
According to the government, Mr. Stinson has prior fraud convictions dating back to the 1980s and 1990s and had been barred by the Securities and Exchange Commission. The government has accused Mr. Stinson of using the money earned in this scam to live a lavish lifestyle.
Sentencing has been scheduled for December. Mr. Stinson faces a potential 27 -33 years in jail.
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