JACKSONVILLE, Fla. -- A Jacksonville man has been indicted on federal charges of duping local teachers in an investment scam.
Anderson Scott Hall, 48, was formally charged Monday with 10 counts of mail fraud and 10 counts of wire fraud. Investigators say Hall created a fake company, Abaco Securities International Ltd., and got his victims to transfer their retirement savings to his control. The indictment did not list how many Duval County school teachers and administrators were fooled.
Hall allegedly used the money for his own personal use which included buying luxury items, commercial and residential real estate. In all, he made off with $4 million, according to investigators.
Hall faces a maximum penalty of 20 years in federal prison for each count of mail and wire fraud, and fines of up to $5 million.
The Duval County School Board said in a statement:
The allegations, if proven true, are regrettable for our retired employees, and the district will cooperate fully with federal criminal justice system officials to the extent needed.