Financial Advisor Shawn Good Charged with Defrauding 5 Clients of nearly $5 Million
According to a press release on April 19, 2022, the Securities and Exchange Commission charged financial advisor Shawn Good (CRD #2022168), of Wilmington NC, with running a multimillion-dollar Ponzi scheme.
According to the complaint, beginning in 2012, and continuing through at least February 2022, Good allegedly misled five of his clients at Morgan Stanley – including retirees and a single mother of young children – by purportedly telling them he was investing their money in low-risk investments in tax-free bonds and land-development projects.
The SEC alleges that instead of investing the money, Good used the funds to repay other victims and to pay for his own personal expenses, including Tesla payments, international travel, and approximately $800,000 in credit card bills.
According to his FINRA BrokerCheck report, Good has one customer complaint on his record. He was reportedly affiliated with the following firms, among others, during his career in the securities industry:
12/06/2012 – 03/10/2022, MORGAN STANLEY (CRD#:149777), WILMINGTON, NC,
11/09/2004 – 12/07/2012, WELLS FARGO ADVISORS, LLC (CRD#:19616), WILMINGTON, NC
According to a Letter of Acceptance Waiver and Consent issued on April 14, the Financial Industry Regulatory Authority (FINRA) has barred Good from working in the securities industry.
The SEC seeks preliminary and permanent injunctive relief, an asset freeze, an accounting, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.
Potential Lawsuits to Recover Financial Losses
The White Law Group is investigating potential securities fraud lawsuits regarding the liability that Good’s employers may have for failure to properly supervise him.
When brokers and registered investment advisors violate securities laws, such as churning accounts or making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. We represent investors in all 50 states including North Carolina. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Shawn Good, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.
Tags: broker Shawn Good barred, Shawn Good complaints, Shawn Good disputes, Shawn Good financial advisor, Shawn Good investigation, Shawn Good investor disputes, Shawn Good lawsuit, Shawn Good Morgan Stanley, Shawn Good ponzi scheme, Shawn Good securities fraud attorney, Shawn Good Wilmington NC Last modified: December 1, 2022