Scott Anderson Hall, 49, pleaded guilty on Friday in a federal court to running a Ponzi scheme that defrauded more than 50 people out of $5 million. Hall faces up to 80 years in prison, a fine of over $1 million, and he must pay restitution to the victims involved in all of the 34 counts of the federal grand indictment.
The majority of the victims in this Ponzi scheme were Duval County School Board members who invested money with Hall from their Deferred Retirement Option Program. Hall promised them large returns and instead used the money to buy commercial property, luxury cars, and other personal items.
The only victim to appear in court was Juana Pollock. Investigators say that Pollock, who was a hospital worker, lost more than $200,000. A discrepancy in the wording of the count involving Pollock caused it to be dropped at the last minute. Authorities believe she remains a victim and is entitled to restitution. Pollock said Hall’s scheme nearly ruined her financial and made it difficult to continue paying her mortgage and the medical bills for her daughter’s fight against Crohn’s disease.
Scott Anderson Hall also pleaded guilty to two counts of mail fraud, one count of wire fraud, and one count of money laundering. The other counts were dropped. He remains free pending a sentencing hearing which has yet to be scheduled.
This case was investigated by the Federal Bureau of Investigation and the Florida Department of Financial Services.