The FBI says some Duval County teachers and administrators were the target of an investment scam.
Investigators say 48-year-old Anderson Hall of Jacksonville reeled in as much as $5-million over the course of five years. He could now face several decades in prison for 10 counts of mail and wire fraud.
"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," states the FBI report. "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."
Duval County Schools say this is regrettable news - if true - for their retired employees. They plan to cooperate with investigators.