Alleged Eden Prairie Scammer, Sean Meadows, Admits Plundering $10M from Clients, Leaves Court Under Armed Guard; Peiffer Rosca Wolf Investment Fraud Attorneys Investigating
Sean Meadows, 41, of Eden Prairie, Minnesota pleaded guilty on December 10 in federal court in St. Paul to alleged mail fraud, wire fraud, and money laundering, the coup de grâce in an alleged lengthy scheme reportedly perpetuated through his financial planning and asset management firm, Meadows Financial Group (MFG), according to reports from Minnesota.
Attorneys Joe Peiffer and Alan Rosca are currently reviewing reports from the Land of Ten Thousand Lakes regarding how Meadows allegedly duped more than 50 people in several states out of at least $10 million.
Meadows Accused of Running Classic Ponzi Scheme
Meadows reportedly persuaded investors in Minnesota, Indiana, Arizona, and elsewhere to break open their retirement piggy banks, and other savings accounts, with the lure of the promise of high rates of returns — up to 10 percent annually, according to court reports from Minnesota currently under review from attorneys Joe Peiffer and Alan Rosca.
But, the reports further detail, the investments were never made. Rather, from 2007 to April 2014, Meadows is accused of operating a classic Ponzi scheme, using money from new investors to make interest and principal repayments to existing investors.
Meadows allegedly used his clients’ money to pay expenses, invest in personal investment properties, pay personal credit card bills, make payments to his spouse, buy a vehicle, and lavish travel to Las Vegas, online gambling, and a tab of $100,000 on sex-oriented entertainment, according to reports from Minnesota.
Hearings in this case have brought out such raucous reactions from some of Meadows’ victims that armed security guards were needed to protect the defendant and his attorney as they left court after Wednesday’s plea.
Investment Recovery Lawyers Investigating
The Peiffer Rosca Wolf investment recovery attorneys often represent investors who lose money as a result of investment misconduct. They are currently investigating Sean Meadows, and the possibility of assisting any investors with the recovery of any losses they may have suffered. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Any Investors who believe they lost money as a result of alleged misconduct regarding Sean Meadows alleged Ponzi scheme may contact the investment rights attorneys at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.