Berwyn Man Pleads Guilty to Running $17 Million Ponzi Scheme
August 16, 2011
Total Loss:
$17 Million
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.
Source:
FBI
Posted in:
Collusive Networks
ACH and Wire Fraud
Money Laundering