The law offices of Gana Weinstein LLP are currently investigating claims that advisor Shawn Good (Good) has been accused by clients and regulators of engaging in fraudulent investment activities including undisclosed outside business activities (OBAs) and a ponzi scheme. According to records kept by The Financial Industry Regulatory Authority (FINRA), Good was employed by Morgan Stanley Smith Barney, LLC (Morgan Stanley) at the time of the activity. If you have been a victim of Good’s alleged misconduct our firm may be able to assist you in recovering funds.
On April 18, 2022, the Securities and Exchange Commission filed an emergency action and charged Good with defrauding clients and misappropriating millions of dollars of investor funds. The SEC alleges that Good engaged in a multi-year Ponzi scheme involving his clients at Morgan Stanley. Good is alleged to have defrauded his clients – novice investors who trusted him, including retirees and a single mother of young children – of at least $4.8 million. Beginning in or about December 2012 through at least February 2022, the SEC claims that Good solicited five Morgan Stanley clients to make supposed investments by transferring funds from firm accounts to his personal bank account. Good then is alleged to have solicited the clients to transfer the funds to his personal account to make low-risk investments in real-estate development projects and tax-free government bonds. It is alleged that in fact those funds were used to repay earlier victims and also to pay Good’s personal expenses, such as payments towards his Tesla, over $800,000 in credit-card bills, and Venmo transfers. The SEC claims that Good invoked his Fifth Amendment right against self-incrimination to virtually every question when confronted with his actions.