Georgetown Man Sentenced to Nine Years for $550,000 Fraud
Wednesday, February 12th, 2020
Attorney General Alan Wilson announced that a Georgetown man was sentenced on Monday in Greenville County for committing securities fraud that netted over $550,000.
According to court records, Kevin Vernon Robinson, 47, of Golf Drive in Georgetown, South Carolina took over $550,000 from at least 15 investors by lying and creating false documents that indicated he had developed safety bracelets which were to store medical and location information that could be easily accessed should a child or senior wearing a bracelet become ill or missing.
Attorney General Wilson, who also serves as the State’s Securities Commissioner, warned potential investors to not just consider ideas when investing, but to also review the promoter’s history. “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,’” 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 to securities fraud on October 8, 2019. At the plea, Robinson admitted that the money was not used for the purposes he said it would be. He also admitted to taking at least $125,000 for personal use.
After hearing from all parties, Circuit Court Judge Letitia Verdin sentenced Robinson to nine years in prison. The victims present indicated Robinson’s going to jail would not get back their financial security but they were pleased because it would hopefully keep Robinson from committing similar crimes against others.
Senior Assistant Attorney General Tracy Meyers prosecuted the case.