Jacksonville Man Indicted for Operating Fraudulent Investment Scheme
|U.S. Attorney’s Office January 28, 2013|
JACKSONVILLE, FL—U.S. Attorney Robert E. O’Neill announces today the arrest and unsealing of a federal indictment charging Anderson Scott Hall (48, Jacksonville) with 10 counts of mail fraud and 10 counts of wire fraud in connection with his operation of a fraudulent investment scheme. If convicted, Hall faces a maximum penalty of 20 years in federal prison for each count of mail and wire fraud and fines up to $5 million. His initial appearance is scheduled today at 2:30 p.m. in Jacksonville before U.S. Magistrate Judge Thomas Morris.
According to the indictment, while working for a national investment services company, Hall operated a sham company (Abaco Securities International Ltd.), which he held out to be a legitimate international investment company. It is alleged that Hall was the mastermind behind a complex scheme to defraud numerous investors, including Duval County school teachers and administrators. Hall would allegedly induce victim investors into transferring their retirement savings from legitimate life insurance companies and investment companies over to his control. It is further alleged that instead of investing victim investors’ funds as promised, Hall would use the funds for his own personal use, including purchasing high value luxury items and commercial and residential real estate. On occasion, as part of the fraud scheme, Hall would use money taken from new investors to pay earlier investors. In total, Hall allegedly defrauded investors of more than $4 million.
An indictment is merely a formal charge that a defendant has committed a violation of the federal criminal laws, and every defendant is presumed innocent unless, and until, proven guilty.
This case was investigated by the Federal Bureau of Investigation and the state of Florida’s Department of Financial Services and the Florida Office of Financial Regulation. The case is being prosecuted by Assistant United States Attorney Mark Devereaux.