GEORGETOWN COUNTY, S.C. (WCBD) – A Georgetown man was sentenced on Monday for committing a securities fraud that pulled in more than $550,000.
Kevin Vernon Robinson, 47, swindled the money from at least 15 investors by creating false documents that indicated he had developed safety bracelets that could store medical and location information that could be easily accessed if a child or senior became ill or missing.
Robinson pleaded guilty to securities fraud on October 8, 2019, and admitted then 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.
Robinson was sentenced to nine years in prison.
South Carolina Attorney General Alan Wilson 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,’” he 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.”