A former dually registered advisor with Morgan Stanley whom authorities described as a "predator" was sentenced to seven years in prison today for orchestrating a $7 million Ponzi scheme.

Shawn Edward Good of Wilmington, N.C., was sentenced to 87 months in prison (and three years of supervised release) and also ordered to pay $3.6 million in restitution to his victims, according to a press release from the U.S. Attorney's Office for the Eastern District of North Carolina.

Good pleaded guilty to wire fraud and money laundering charges in September in connection with an investment fraud he carried out as a Morgan Stanley Smith Barney LLC advisor and registered representative in Wilmington from 2012 to February 2022, according to prosecutors.

Good solicited investments from business clients and others for what he described as real estate projects and tax-free municipal bonds, falsely portraying these as low-risk investments that would return between 6% and 10% over three- or six-month terms, authorities said.

At least 12 victims invested about $7.2 million based on Good's false statements and misrepresentations.

“Shawn Good robbed the savings and retirements of clients who trusted him—including a widow, a single mom and a retired police officer," U.S. Attorney Michael Easley said in a prepared statement. "He did it out of pure greed, to fuel his lavish lifestyle—purchasing luxury cars, exotic vacations and real estate."

As part of the scheme, Good caused some clients to obtain a liquid asset line of credit (LAL) secured by their Morgan Stanley investment or retirement accounts, according to the press release. "Good directed clients to transfer the LAL funds to their personal bank accounts and then wire the funds directly to Good’s own personal bank account," the release said. "Other victims paid Good by paper check and wire transfers using funds derived from sources other than Morgan Stanley accounts."

Good used the stolen money for personal expenses, including his Wilmington residence and a condominium in Florida, as well as luxury vehicles such as a Mercedes-Benz, a Porsche Boxster, a Tesla Model 3, an Alfa Romeo Stelvio and a Lexus RX 350. He also paid for fine dining and vacations to Italy, France and other destinations, the release said.

Good was fired from Morgan Stanley in early March, and the Financial Industry Regulatory Authority permanently barred him on April 14.