The Securities and Exchange Commission said Wednesday that its investigation of Robert Stinson Jr.'s alleged investment fraud had turned up few assets that could be used to compensate for $15.7 million lost by investors.
In asking a federal judge in Philadelphia to appoint a receiver to gather additional assets for investors, the SEC said it had identified about $385,000 in liquid and other assets under the control of Stinson and others who benefited from the alleged fraud at Stinson's company, Life's Good Inc. in Philadelphia.
A receiver in this case will have a tough job.
The SEC has determined, based partially on a July 19 interview with Stinson, what became of approximately $5.7 million of the $17.6 million he raised since 2006 from at least 262 investors for his Life's Good funds. The funds were supposed to invest in short-term mortgages.