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A former Morgan Stanley advisor ran a decade-long, multimillion-dollar Ponzi scheme and used client money to pay for a Tesla car and other personal expenses, the Securities and Exchange Commission is alleging.
Shawn E. Good, 55, allegedly defrauded at least five clients, some of whom were retirees, of about $4.8 million, according to the agency. He allegedly spent client money on a Tesla car, an Alfa Romeo SUV, more than $800,000 in credit-card bills, and Venmo transfers with memo lines such as “because youre [sic] sexy” and...
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