The U.S. leads the pack in the percentage of older adults who have trouble paying their medical bills.
Jan. 28--A Jacksonville man has been indicted in roughly $4 million investment scam targeting retired Duval County teachers and administrators.
Anderson Scott Hall, 48, is charged with 10 counts each of mail and wire fraud in the operation of a fraudulent investment scheme, the U.S. Attorney's Office announced in the unsealing of a federal indictment.
According to the indictment,
Hall is accused of masterminding a sham company, Abaco Securities International, to defraud numerous investors, including Jacksonville teachers and administrators, according to the indictment. Victims were persuaded into transferring their retirement savings from legitimate life insurance and investment companies over to his control. But the money was used for his own personal use, including purchasing luxury items and commercial and residential real estate.
To convince clients he was legitimate, he would use some of the money to pay earlier investors, the indictment says.
If convicted, Hall faces a maximum 20 years in federal prison for each count and fines of up to $5 million.
The scam was orchestrated from at least 2006 through May 2011 and promised 6 percent to 18 percent rates of return. It targeted retired Duval County teachers and administrators, the indictment says. He had offices at 521 and 505 N. Liberty St. downtown. The 505 N. Liberty property is included on the forfeiture list of the indictment.
The Times-Union will be updating this story and also has asked the school district for a statement.
Scott Butler: (904) 359-4566
(c)2013 The Florida Times-Union (Jacksonville, Fla.)
Visit The Florida Times-Union (Jacksonville, Fla.) at www.jacksonville.com
Distributed by MCT Information Services