A former Morgan Stanley financial advisor 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.”
Good’s fraud lasted from 2012 to 2022 and cost his clients more than $3 million, prosecutors said in a court filing.
He was sentenced Wednesday to seven years and three months in prison by U.S. District Judge James C. Dever III, according to a statement from Michael Easley, US attorney for eastern North Carolina. He was also ordered to pay $3.6 million in restitution to victims.
“Shawn Good robbed the savings and retirements of clients who trusted him – including a widow, a single mom, and a retired police officer,” Easley said in the statement.
Good pleaded guilty in September 2022 to wire fraud and money laundering.
Good’s lawyer, Joe Zeszotarski, didn’t immediately respond to a voicemail and email seeking comment on the sentencing.