Recently fired Morgan Stanley advisor, Shawn E. Good, of Wilmington, NC, has been accused by federal regulators of running a Ponzi Scheme. The SEC has filed a complaint in Federal Court alleging Good defrauded his clients out of more than four and a half million dollars. Promising returns of 6-10% with very low risk, the former financial advisor enticed his Morgan Stanley clients to send money directly to his bank account, misrepresenting that the funds would be used to invest in tax-free North Carolina State and Municipal Bonds and real estate developments.
The investments Good promised, however, were never made. Instead, the SEC found that Good used the money from his clients, some of them retirees, to repay other victims and fund his extravagant lifestyle for nearly ten years. The SEC used bank records to identify clients’ money being used to make payments on Good’s Tesla Model 3 and Alfa Romeo Stelvio, along with nearly a million dollars in Venmo and credit card payments.
Good’s employer, Morgan Stanley, terminated the broker in February of 2022 for his refusal to participate in their internal investigation. He had been a registered representative for Morgan Stanley since December of 2012. In the SEC Complaint against the broker, it was reported that Good solicitated at least thirty fraudulent investments from several Morgan Stanley clients. Good appears to have targeted less sophisticated investors, encouraging them to tap into the retirement accounts they entrusted to Morgan Stanley and draw Morgan Stanley lines of credit to invest in his fraudulent scheme.
To protect investors, the Financial Industry Regulatory Authority (FINRA) has permanently barred Shawn E. Good from working in the industry again. FINRA offers an arbitration process in which victims of stockbroker misconduct perpetuated by an employee of a member brokerage firm, such as Morgan Stanley, can recover their losses.
If you have been a Ponzi Scheme victim and suffered losses due to Morgan Stanley representative Shawn E. Good’s misconduct, the investor claims attorneys at Meyer Wilson would like to speak with you.
Part of what makes Meyer Wilson so unique is that we do not spread our resources thin over many different legal practice areas; nor do we take on a large caseload of investor claims cases. Investment and securities arbitrations and lawsuits require a deep understanding of the securities industry and tremendous attention to detail. Our securities fraud attorneys pour their time and extensive resources into each case that we handle for investors who have been harmed by investment misconduct.
Meyer Wilson has handled more than 1,000 investment misconduct cases nationwide against financial institutions over the past 25 years. We do not charge for case consultations and are happy to evaluate your potential legal claim for free. All of our cases are handled on a contingency fee basis, and we never charge a retainer.
Contact us for a no-cost, no-pressure consultation to discuss your legal options.