A Jacksonville insurance salesman has pleaded guilty to running an investing scheme that defrauded $4 million from school teachers and administrators.
Anderson Scott Hall pleaded guilty Friday to two counts of mail fraud, a single count of wire fraud and a single count of money laundering.
He faces up to 80 years in prison when he is sentenced in federal court.
Federal authorities say Hall defrauded more than 50 investors, and a significant number of those investors were Duval County teachers and administrators.
Authorities say Hall convinced his investors to put their retirement savings into his sham investment operation, promising interest rates of up to 12 per cent.
Authorities also say Hall created fake documents to convince his investors that they were putting their savings in a legitimate investment product.
Source The Associated Press
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