Tr?id=566623520170033&ev=PageView&noscript=1

SEC Accuses Former Morgan Stanley Advisor of Conducting a Ponzi Scheme

Posted on April 27th, 2022 at 1:05 PM
SEC Accuses Former Morgan Stanley Advisor of Conducting a Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law:

The Securities and Exchange Commission (SEC) has accused a former Morgan Stanley advisor of using client funds to cover personal expenses including a Tesla vehicle, credit card bills and cash transfers. 

The former Morgan Stanley advisor, Shawn Good, permitted clients to send funds to his personal bank account to purportedly make low-risk investments in real-estate development projects, according to the SEC’s complaint. The SEC alleges that Good defrauded investors, including several retirees, out of nearly $4.8 million. Good has been terminated by Morgan Stanley as a spokesperson classified the former advisor’s conduct as “plainly unacceptable.” 

According to the SEC, Good’s scheme lasted around a decade as he used client funds to cover bills, repay earlier investors and transfer cash on Venmo. Good informed clients that the purported investments would pay returns between 6% and 10% over the next three to six months. However, Good never tendered a written agreement to his clients, according to the SEC. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 
 

Tags: eccleston law, sec, morgan stanley

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

The work that you and your team have performed on my behalf is exemplary.

JT

LATEST NEWS AND ARTICLES

1793380402 Law
October 30, 2026
Former LPL Broker Faces Federal Charges in Alleged $11 Million Ponzi Scheme

Federal prosecutors accuse former LPL Financial broker William B.

1793294906 Law
October 29, 2026
FINRA Bars Former LPL Financial Broker for Refusing to Cooperate With Investigation

?The Financial Industry Regulatory Authority (FINRA?) barred Buddy Dean Mason, a former LPL Financial broker in Lakeland, Florida, after he refused to provide documents and information during an investigation into a customer complaint involving an alleged outside investment.

1793209405 Law
October 28, 2026
FINRA Panel Orders Kingswood Capital Partners and Executives to Pay Former Advisor $11.3 Million

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Kingswood Capital Partners LLC, CEO Michael Nessim, and Chief Compliance Officer Mohamed Alsoraimi to pay former advisor Rikin Patel $11,341,369.25.