PHILADELPHIA (AP) — A suburban Philadelphia man described as a serial con man is set for a change of plea hearing Monday in a $17 million real-estate Ponzi scheme. He is expected to plead guilty.
Federal authorities say 55-year-old Robert Stinson Jr. boasted 16 percent returns at his company, Life’s Good Inc., in downtown Philadelphia.
But they say the Berwyn resident diverted most of the money from 260 investors for personal use, including expensive cars and vacations.
Officials say he hid previous fraud convictions and two bankruptcy filings, and Securities and Exchange Commission complaints.
Stinson is charged with fraud, money laundering, obstruction and other offenses.
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