JACKSONVILLE, Fla. -- A Jacksonville man has been charged with ten counts of wire fraud and ten counts of mail fraud after allegedly defrauding investors, including Duval County teachers and administrators, out of more than $4 million.
Anderson Scott Hall, 48, was arrested on the federal charges and made his first appearance before U.S. Magistrate Judge Thomas Morris on Monday afternoon.
Hall set up a sham company called Abaco Securities International, Ltd. while working for a national investment company, according to a release from the Office of U.S. Attorney Robert E. O'Neill.
He is accused of convincing investors to transfer their retirement savings from legitimate companies to his sham company and then allegedly use those monies to purchase high-ticket items.
Sometimes, Hall would use money from new investors to pay previous investors, according to the release.
Hall could potentially face up to $5 million in fines and up to 20 years in prison for each count of mail and wire fraud.
Duval County Public Schools released the following statement on the charges against Hall:
"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."
First Coast News