PHILADELPHIA (CN) - Robert Stinson Jr., a "felon and securities fraud recidivist" is running a Ponzi scam that has taken $16 million through his "purported hedge funds" including three "Life's Good" funds, the SEC says. "Stinson has been stealing money for his own personal use," often prying it out of victims' "self-directed IRAs," according to the federal complaint.
Stinson, 55, of Berwyn, Pa., corralled at least $2.3 million in May alone, the SEC says. The SEC permanently enjoined him from violating securities laws in 1990, and ordered him to disgorge money, but he never did, according to the complaint. He was thrice convicted of federal fraud and/or larceny, and twice convicted of state charges of conspiracy and fraud. He and his former wife, relief defendant Laura Marable Stinson, twice filed for bankruptcy protection, the SEC says.
Stinson incorporated Life's Good in 2005, supposedly to "market health products and publishing." Defendants include Stinson, Life's Good Inc., Keystone State Capital Corp., and the four supposed "hedge funds:" Life's Good Stabl Mortgage Fund, Life's Good High Yield Mortgage Fund, Life's Good Capital Growth Fund, and IA Capital Fund. The SEC also sued First Commonwealth Service Co., Stinson's present wife, Laura Stinson, a relative, Christine A. Stinson, and his son, Michael G. Stinson, who is vice president of Life's Good. Robert Stinson allegedly handed out goodies to all of them.
The SEC seeks disgorgement and penalties. And it wants the court to tell Stinson not to do it again.
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