Hingham Man Stephen S. Eubanks Charged in $529K Ponzi Scheme

BOSTON — A 47-year-old Hingham man is behind bars, accused of running a brazen Ponzi scheme that swindled neighbors and acquaintances out of $529,000. Stephen S. Eubanks faces one count of wire fraud after allegedly fabricating returns and funneling investor cash into his own pockets for years.

Eubanks, once a registered broker at major firms, lost his license following customer complaints and disciplinary actions. Undeterred, he launched Eubiquity Capital LLC in February 2010, posing as a legit financial advisor. By 2013 and 2014, he lied to two contacts in Massachusetts, claiming his hedge fund was tied to financial giants like Goldman Sachs, TD Ameritrade, UBS Bank, and Fidelity Investments. One victim handed over $125,000; another, $20,000.

A third investor, based in Florida, wired $50,000 to Eubanks in 2013, trusting the pitch of big-name affiliations and steady returns. In reality, no such partnerships existed. Eubanks allegedly used new investors’ money to pay fake ‘returns’ to earlier ones — the hallmark of a classic Ponzi operation.

When clients demanded account statements, Eubanks didn’t hesitate — he forged them. Some were lifted from unrelated accounts; others were outright fabrications designed to show healthy growth. Meanwhile, a significant chunk of the $529,000 in investor funds was siphoned off for personal expenses, prosecutors say.

The wire fraud charge carries a maximum penalty of 20 years in prison, three years of supervised release, and a fine of $250,000 or double the gross gain or loss, whichever is greater. Federal sentences often fall below the cap, but the judge will weigh the U.S. Sentencing Guidelines and the fraud’s human toll.

The case was announced by U.S. Attorney Carmen M. Ortiz, U.S. Postal Inspection Service’s Shelly Binkowski, and FBI Boston’s Harold H. Shaw. Assistant U.S. Attorney Andrew E. Lelling is prosecuting. The Massachusetts Securities Division, which previously investigated Eubanks in a civil probe, provided crucial support. The complaint’s allegations remain unproven; Eubanks is presumed innocent until proven guilty beyond a reasonable doubt.