JACKSONVILLE, Fla. -- An independent investment agent accused of operating a local investment fraud scheme for nearly 15 years pleaded guilty Friday.
Anderson Scott Hall, 49, pleaded guilty to one count of money laundering, one count of wire fraud and two counts of mail fraud, according to a release from the office of Acting U.S. Attorney A. Lee Bentley.
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More than 50 people had more than $4 million in funds taken from them by Hall between 1996 and 2011. Some of Hall's victims included Duval County Public Schools employees, who invested their Deferred Retirement Option Program funds.
Hall put the funds into a shell corporation, Abaco Securities International Ltd., that had a postal address in the Turks and Caicos Islands, according to the release.
He would give partial payments to investors and in turn would buy commercial property and high-end vehicles with the funds he received from victims.
Hall faces up to 20 years in prison for each count he faces, the release detailed.
First Coast News