JACKSONVILLE, Fla. -- A Jacksonville man faces 80 years in prison after pleading guilty to a massive investment scam that spanned more than 10 years and defrauded more than 50 victims, many of them retired school teachers and administrators in Duval County.
U.S. attorneys announced Friday that Anderson Scott Hall, 49, pleaded guilty to two counts of mail fraud, one count of wire fraud, and one count of money laundering.
Investigators say Hall, a licensed insurance salesman, operated an investment scam between 1996 and late 2011. Employed by various financial companies as an independent agent, Hall used his connections to solicit clients. According to federal prosecutors, Hall asked his victims to invest their retirement money into Abaco Securities International, a sham business that Hall incorporated and is listed as being its director.
He received more than $4 million from his victim investors, prosecutors say.
Hall's victims include residents from Jacksonville, Columbus, Georgia and North Carolina.