David Saks: Pennsylvania Man Pleads Guilty to Running $17 Million Ponzi Scheme Involving Real Estate Investment Hedge Funds

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Pennsylvania Man Pleads Guilty to Running $17 Million Ponzi Scheme Involving Real Estate Investment Hedge Funds

Berwyn Man Pleads Guilty to Running $17 Million Ponzi Scheme

U.S. Attorney’s Office August 15, 2011
  • Eastern District of Pennsylvania (215) 861-8200
Robert Stinson Jr., 56, of Berwyn, Pennsylvania, pleaded guilty today to charges contained in a 26-count indictment detailing a Ponzi scheme that defrauded more than 260 investors of more than $17 million, announced United States Attorney Zane David Memeger. Stinon pleaded guilty, before U.S. District Court Judge Michael M. Baylson, to five counts of wire fraud, four counts of mail fraud, nine counts of money laundering, one count of bank fraud, three counts of filing false tax returns, two counts of obstruction of justice, and two counts of making false statements to federal agents. Sentencing is scheduled for December 13, 2011. Stinson faces an advisory sentencing guideline range of 324 to 405 months in prison.

The indictment alleged that since 2006, Stinson ran a company called Life’s Good, Inc., that solicited investments in one of four real estate hedge funds, promising fixed returns of between 10 to 16 percent annually.

However, rather than invest the money as promised, Stinson ran an elaborate “Ponzi” scheme that he used to steal more than $17 million from the investors.

According to the indictment, Stinson falsely represented to investors that he was a graduate of Massachusetts Institute of Technology with a wealth of business experience, when, in reality, he had been convicted of fraud multiple times and had previously been enjoined from committing securities fraud by the United States Securities and Exchange Commission.

As part of this investigation, the Federal Bureau of Investigation executed numerous search warrants on June 29, 2010 and seized two Mercedes Benz sedans that Stinson had purchased with proceeds from his fraud.

At the time of the search, Stinson allegedly obstructed justice by wiring stolen funds out of Life’s Good bank accounts to other accounts.

The case was investigated by the Federal Bureau of Investigation, the United States Postal Inspection Service, the Internal Revenue Service Criminal Investigation Division, and the Securities Exchange Commission. It is being prosecuted by Assistant United States Attorney David L. Axelrod.

Couretesy FBI



David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • August 15 2011 06:07PM

Comments

This blog does not allow anonymous comments