Robert Stinson Jr., who pleaded guilty in 2011 to defrauding at least 262 investors of $17.6 million in a Ponzi scheme, has won a reduced sentence from a federal judge in Philadelphia.
Stinson, whose track record of fraud dates to the 1980s, was originally sentenced to 33 years and four months in prison, 10 percent more than the maximum guideline sentence, court records show.
The new sentence, determined Thursday by U.S. District Judge Michael M. Baylson, is 27 years, according to Nneka Sutherland, a spokeswoman in Philadelphia for the IRS criminal investigation division, which helped investigate Stinson's crimes.
Stinson's fraud from 2006 to 2010 centered on a entity called Life's Good S.T.A.B.L. Mortgage Fund L.L.C., which promised investors returns of 16 percent on money that would be used to make short-term mortgages for real estate investors who bought houses, renovated them, and sold them quickly.