FBI: Berwyn Man Stole $17M in Ponzi Scheme
Robert Stinson Jr. pleaded guilty Monday to a long list of charges.
A Berwyn man pleaded guilty today to stealing millions of dollars from investors in an elaborate Ponzi scheme, according to the FBI.
Robert Stinson Jr., 56, represented himself as a graduate of the Michigan Institute of Technology and bilked 260 investors out of $17 million.
According to the FBI:
The indictment alleged that since 2006, Stinson ran a company called Life’s Good, Inc., that solicited investments in one of four real estate hedge funds, promising fixed returns of between 10 to 16 percent annually.
Federal agents seized two Mercedes Benz automobiles that Stinson had purchased with his ill-gotten money. Stinson pleaded guilty Monday to charges including:
five counts of wire fraud, four counts of mail fraud, nine counts of money laundering, one count of bank fraud, three counts of filing false tax returns, two counts of obstruction of justice, and two counts of making false statements to federal agents. Sentencing is scheduled for December 13, 2011. Stinson faces an advisory sentencing guideline range of 324 to 405 months in prison.
MaryJo Thomas
5:38 am on Wednesday, August 17, 2011
This happens constantly. My ex-husband did the same thing. Before divorcing me he hid thousands of dollars in 7 bank accounts in several different names. I had to have a forensic account to find them. He moved money to off shore accounts. All legal, so he would not have to pay child support. Now he is still paying nothing for his 3 children. Makes close to 2 million a year and I have to keep a full time lawyer and not just an accountant a forensic accountant to get my support for the children. He has now filed for bankruptcy and moved into a new $800,000 home. This has been going on since 2006 also.