According to the U.S. Attorney’s Office for the Middle District of Florida, former Jacksonville broker, Anderson Scott Hall (aka Scott Hall) pleaded guilty to four felony counts including mail fraud, money laundering and wire fraud, in connection with an investment scam.
Hall was accused of operating the investment scheme, between 1996 and 2011, that defrauded more than 50 investors out of more than $4 million. Many of Hall’s investors were from Florida and neighboring states, and included numerous active and retired Duval County school teachers. Hall often solicited investors who were current clients of the brokerage firm where he worked.
Hall allegedly convinced a number of his clients to invest their retirements savings into a shell company, Abaco Securities International (ASI), directed by Hall. Hall purportedly promised some investors returns as high as 12% and convinced a number of his victims to transfer their retirement savings held in legitimate investment products into ASI.
In order to conceal his scheme, Hall apparently created false account statements and occasionally used funds from new investors to make payments to older investors. The majority of the funds were used by Hall to pay for personal expenses such as property and luxury cars.
The White Law Group is investigating the liability that Hall’s employers may have for his actions. When a registered broker conducts business outside of the firm where they work the activity may be considered “selling away.” Although Hall worked as an independent broker he was also registered with FINRA registered broker-dealers. If a registered broker “sells away” from his firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
According to the Financial Industry Regulatory Authority, Hall was a registered broker with AXA Advisors from 01/2007 – 01/2011, and with The O.N. Equity Sales Company from 06/2004-12/2005.
If you suffered losses investing with Anderson Scott Hall and would like to discuss your litigation options, please call the securities attorney of The White Law Group at (312) 238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.Tags: Abaco Securities International fraud, Abaco Securities International investment losses, Abaco Securities International lawsuit, Abaco Securities International ponzi scheme, Abaco Securities International shell company, Anderson Scott Hall fraud, Anderson Scott Hall guilty plea, Anderson Scott Hall investment scam, Anderson Scott Hall lawsuit, Scott Hall fraud, Scott Hall investigation, Scott Hall investment losses, Scott Hall investment scheme, Scott Hall lawsuit, Scott Hall malpractice, sue Scott Hall Last modified: July 17, 2015