Berwyn Man Faces More Than 33 Years in $17 Million Pyramid Scheme

Robert Stinson of Berwyn faces up 33 years in federal prison for stealing more than $17 million from 260 investors. Stinson, 56, pleaded guilty in federal court Monday to a laundry list of charges in a Ponzi scheme that investigators say dates back to 2006.

According to the 26 count indictment, Stinson ran a company called Life's Good, Inc. and solicited investments in four real estate hedge funds. Investigators alleged Stinson promised fixed returns of 10-16 percent annually. Instead of investing the money, the FBI says Stinson ran an elaborate "Ponzi" scheme that bilked investors out of more than $17 million.

The indictment accuses Stinson of falsely telling investors he was a Massachusetts Institute of Technology graduate with extensive business experience. In fact Stinson had been convicted of fraud multiple times and been prohibited from committing securities fraud by the U.S. Securities and Exchange Commission.

As part of the investigation the FBI executed numerous search warrants and seized two Mercedes sedans that Stinson paid for with money from the scheme.

He pleaded guilty on Monday before U.S. District Court Judge Michael 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. Stinson is scheduled to be sentenced on December 13. He faces 27 to more than 33 years in prison.

Full details of the investigation and the case can be found here on the FBI website.