PHILADELPHIA, April 10 (UPI) -- A Pennsylvania man was sentenced to more than 33 years in federal prison Tuesday for fleecing more than 260 people in a $17 million Ponzi scheme.
Robert Stinson Jr., 56, of Berwyn, who pleaded guilty last August, was given a 400-month prison term for wire, mail and bank fraud, money laundering, filing false tax returns, obstruction of justice and lying to federal agents, the U.S. Justice Department said in a release.
Stinson also was ordered to pay $14 million in restitution to his victims and complete three years supervised release.
Beginning in 2006, Stinson ran a company called Life's Good Inc. that solicited investments in one of four real estate hedge funds. He promised fixed returns of between 10 and 16 percent annually.
But rather than invest the money as promised, Stinson ran an elaborate fraud in which he stole investors' money
Stinson's wife Susan will be sentenced Wednesday for obstructing the investigation into his activities.