GEORGETOWN COUNTY, S.C. (WCSC) - A Georgetown man has been sentenced for committing a securities fraud that netted over $550,000.
Kevin Vernon Robinson, 47, took the money from at least 15 investors by creating false documents that he had developed a new safety bracelet that was meant to store medical information and a location. A judge gave him nine years in prison on Monday.
“Like many securities frauds, the idea here sounded great, but it’s a perfect example of the saying, ‘If it sounds too good to be true it probably is,’” South Carolina Attorney General Alan Wilson said. “Ideas have to be good to attract investors, but the issue is whether what the promoter says is happening with the company and the money really happens or not. In this case, much of the money was used for personal gain instead of to make the company profitable.”
Robinson pleaded guilty last October.