facebook
twitter
rss
account
search
search
 

Pa. man gets 33+ years for Ponzi scheme

April 11, 2012 at 12:01 AM   |   Comments

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.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Oklahoma Highway Patrol trooper arrested for kidnapping, sexual assault Oklahoma Highway Patrol trooper arrested for kidnapping, sexual assault
2
World leaders pledge to use 'any means necessary' to defeat Islamic State World leaders pledge to use 'any means necessary' to defeat Islamic State
3
Lobbyist Thomas 'Tommy' Boggs dies of heart attack
4
Plane crash in Vinoy Park narrowly misses St. Pete condos Plane crash in Vinoy Park narrowly misses St. Pete condos
5
Mom: Darrien Hunt was shot 'because he was black' Mom: Darrien Hunt was shot 'because he was black'
Trending News
Video
x
Feedback