|Jacksonville insurance salesman pleads to Ponzi scheme|
|News - St Augustine Area & St Johns County|
A Jacksonville insurance salesman pleaded guilty in federal court Friday to a 15-year scam in which he was charged with ripping off more than 50 people of nearly $5 million.
The investments Scott Anderson Hall promised large returns on turned out to be a Ponzi scheme that he used to buy commercial property, luxury cars and other items, prosecutors said.
Hall, 49, faces up to 80 years in prison, a fine of more than $1 million and paying restitution to the victims involved in all 34 counts of the federal grand indictment.
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