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

You are the best attorneys in the country.

CC

LATEST NEWS AND ARTICLES

1788461574 Law
September 3, 2026
Texas Investment Adviser Faces Washington State Charges Over Misleading Crypto Portfolio Claims

Washington state securities regulators have charged an Austin, Texas registered investment adviser (RIA) and its founder with making misleading statements about the risks tied to one of its model portfolios, which invested heavily in crypto-backed products and volatile exchange-traded funds, according to InvestmentNews.

1788376975 Law
September 2, 2026
Lakers Owner Sells Team for Record $12.5 Billion Amid Federal Probe

Guggenheim Partners CEO Mark Walter has sold his majority stake in the Los Angeles Lakers just as federal regulators investigate potential financial improprieties at insurance and annuities companies that he owns, InvestmentNews reports.

1788292150 Law
September 1, 2026
FINRA Proposes New Rules to Fix Unpopular Arbitrator Selection Process

The Financial Industry Regulatory Authority (FINRA) wants to change how it selects arbitrators when its standard process fails to produce enough available panelists.