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JACKSONVILLE ( CBSMiami/AP) —  A federal judge handed down a 10-year sentence to a man who ran a financial scheme that defrauded 48 people out of their life savings.

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U.S. District Judge Timothy Corrigan on Friday sentenced 50-year-old Scott Anderson Hall after he pleaded guilty to fraud and money-laundering charges.

The Florida Times-Union reports that Hall lured retirement savings away from the victims for supposed investments that were instead spent on luxury cars, property and other items.

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Hall started a shell corporation called Abaco Securities International and listed himself as director. But prosecutors said the only location for the company was a post office box.

Court records showed that many of the victims were former Duval County School Board employees, including a former school principal.

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