Stinson To Be Resentenced Over $17M Ponzi Scheme

Law360, Los Angeles (August 21, 2013, 4:17 PM EDT) -- The Third Circuit on Wednesday ordered that Robert Stinson Jr., who allegedly ran a $17 million Ponzi scheme, be resentenced because a lower court judge improperly applied a fraud enhancement reserved for when financial institutions are the source of a defendant's gross receipts.

The appellate court found that the fraud enhancement doesn't apply to Stinson because the money in his alleged scheme — which he operated through his Life's Good Inc. empire, consisting of six corporations — flowed from individual investors instead of financial institutions....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.