Feds Auction Off Loot From Alleged Ponzi Scheme
PHILADELPHIA (AP) – Federal official auctioned off more a fleet of a dozen cars and other items trying to recoup money allegedly swindled out of investors by a suburban Philadelphia man authorities say has a history of fraud.
The items owned by Robert Stinson Jr. were sold Sunday in Philadelphia. Investigators say Stinson, of Berywn, had acquired the loot in the course of running a $17 million Ponzi scheme.
Stinson was arrested in November after authorities say he bilked 260 investors out of millions of dollars by using money from new clients to pay high returns to older investors.
WPVI-TV reports the items included four Mercedes vehicles, televisions, audio equipment, jewelry and a baby grand piano.
Stinson’s trial is scheduled for August. A call to his attorney was not immediately returned.