Sean Meadows of Meadows Financial Group was sentenced to 25 years in prison after allegedly orchestrating a Ponzi scheme that cost 55 clients $13 million. Meadows promised clients that they would receive a 10% annual return on investments allegedly made in stocks and bonds. The money instead went to Meadows to pay both business and personal expenses. Prosecutors believe that at least $100,000 went to adult entertainment establishments. Prosecutors asked for a 30 year sentence because of the manner in which Meadows preyed on his clients. As part of the judgement, Meadows was ordered to surrender any real or personal property that had any ties to the Ponzi scheme. This included watches, real estate and a boat.
If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.
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