Tuesday, April 13, 2010

Florida Man Sentenced In Ponzi Scheme That Targeted Pennsylvania Residents

Sean Nathan Healy, 39, of Weston, Florida, was sentenced to 15 1/2 years in prison for operating a Ponzi-type investment fraud scheme that bilked Pennsylvania investors out of some $16.7 million. According to authorities, over the course of about 5 years, from 2003 until 2008, Healy accepted funds from investors meant to be invested in securities and commodities and used much of it to pay for a lavish lifestyle. Healy reportedly spent investor funds on such personal luxuries as a $2.4 million waterfront mansion with more than $2 million in improvements; $1.5 million in men’s and women’s jewelry; and numerous exotic vehicles and sports cars, including a Bentley and several Ferraris, Lamborghinis and Porsches worth more than $2.3 million. Healy was arrested last October and charged with 55 counts of wire fraud, mail fraud, money laundering and obstruction of justice. Healy plead guilty to two counts of wire fraud and one count of unlawful monetary transactions. Healy, a former bouncer dubbed by the media as the “King of Ponzi Bling,” operated an investment firm called Sand Dollar Investing Partners LLC to defraud approximately 50 investors. Healy's wife, Shalese Rania Healy, 37, also of Weston, Florida, was also named as a defendant in the case (pictured here with Sean Healy) since much of his assets purchased with the ill-gotten gains were put in her name.

Read the story here, here and here.

Read the original SEC complaint here.

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