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.READ MORE: Miami Police Need Help Finding Missing Teen Mahogany Porter
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.READ MORE: Kendall Neighborhood Fights Back Against Planned Development On Norman Brothers Produce Property
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.MORE NEWS: Report: 25 AR-15 Rifles Missing From Miami Police Department's Inventory
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