Ponzi Scheme Operator Gets 329 Years In Prison
Robert Stinson is facing a maximum possible sentence of 329 years in prison and a $6.8 million fine for running a $17 million Ponzi scheme tied to real estate hedge funds. He is charged with 26 counts of everything from wire fraud to money laundering to filing false tax returns. Stinson lied about having degrees from MIT and Pennsylvania State University, in addition to having been in the investment management business for a long time. In fact, he was a repeated perpetrator of securities fraud. As usual, he used investors’ money to pay himself, family members and to support his lavish lifestyle. His businesses were Life’s Good, Inc. and Keystone State Corporation.