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Sean Meadows, Minnesota’s Ponzi Scheme Kingpin, Brought Down by His Own Greed
Sean Meadows, 41, a former investment advisor from Eden Prairie, Minnesota, has pleaded guilty to operating a massive Ponzi scheme that swindled over 50 clients out of at least $10 million.
According to court documents, Meadows used his financial planning and asset management firm, Meadows Financial Group (MFG), to sell insurance and investment products to clients in Minnesota, Indiana, Arizona, and elsewhere. However, instead of investing their funds in legitimate third-party investments, Meadows used the money to pay personal expenses, including making ‘salary’ payments to himself, paying expenses on personal investment properties, and even spending over $100,000 at adult entertainment establishments in Minnesota and Las Vegas.
Meadows’ victims were lured into removing funds from their retirement and other savings accounts by promises of high rates of returns – up to 10 percent annually – when, in fact, he did not invest their funds and did not have a legitimate means by which to make interest payments.
Instead, Meadows used funds from new investors to make interest and/or principal repayments to existing investors, a classic Ponzi scheme tactic. This allowed him to maintain the illusion of a legitimate investment firm while secretly lining his own pockets.
Assistant U.S. Attorneys Benjamin Langner and Melinda Williams are prosecuting the case, which is the result of an investigation conducted by the Minnesota Department of Commerce Fraud Bureau, the United States Postal Inspection Service, and the Internal Revenue Service-Criminal Investigation Division.
Meadows is facing multiple counts of Wire Fraud, Mail Fraud, and Transaction Involving Fraud Proceeds. His sentencing is scheduled for a later date.
A full breakdown of Meadows’ crimes and convictions can be found at the end of this article.
As a warning to would-be scammers, Meadows’ case serves as a stark reminder of the devastating consequences of running a Ponzi scheme. His victims will likely never recover the millions of dollars they lost, and Meadow’s own reputation will be forever marred by his greed and deceit.
**Case Details**
Defendant: Sean Meadows, 41, Eden Prairie, Minnesota
Crime: Mail Fraud, Wire Fraud, and Money Laundering
Year: 2014
Convictions: Wire Fraud (7 counts), Mail Fraud (3 counts), Transaction Involving Fraud Proceeds (1 count)
Key Facts
- State: Minnesota
- Category: Financial Crimes
- Source: DOJ Press Release â†â€â€
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