JACKSONVILLE, Florida (AP) - A Jacksonville insurance salesman has pleaded guilty to running an investing scheme that defrauded $4 million from school teachers and administrators.
Anderson Scott Hall pleaded guilty Friday to two counts of mail fraud, a single count of wire fraud and a single count of money laundering.
He faces up to 80 years in prison when he is sentenced in federal court.
Federal authorities say Hall defrauded more than 50 investors, and a significant number of those investors were Duval County teachers and administrators.
Authorities say Hall convinced his investors to put their retirement savings into his sham investment operation, promising interest rates of up to 12 percent.
Authorities also say Hall created fake documents to convince his investors that they were putting their savings in a legitimate investment product.
Check out some of our most read stories from 2013:
#shortyellows: Florida quietly shortened yellow lights
Terrorism Warning: Memo says terrorists practicing dry-runs on Florida flights
Kittens shot: Officer shoots kittens in front of children
Courtroom apology: Woman apologizes for flipping off judge
Weird ice: Strange, giant circles appear on frozen pond
Controversial Club: College student organizes "White Student Union"
CFO Trouble: School administrative chief in trouble over her porn sex blog
Warning Shot Wife: Mother gets 20 years for firing warning shots at abusive husband
Science Arrest: Teen girl arrested over science project explosion
Wait, WHAT?? Dog shoots man in the leg with a handgun
Popular photo galleries:
Faces of Meth: Devastating before and after photos of meth abusers
Trayvon Martin Shooting: Trayvon Martin crime scene photos and George Zimmerman injury photos
Hooters Winners: Winners of the 2013 Hooters swimsuit pageant
Rejected: Funny Florida license plates rejected by the DMV***warning graphic***
Deadly sinkhole: Home collapses, man dies in giant sinkhole
Florida Sex Offenders: Look up sex offenders in any Florida neighborhood here
Restaurant Inspections: Look up inspection reports for any Florida restaurant here
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)