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Macon man sentenced to 5 years for Ponzi scheme

NEWNAN -- A Macon man accused in a $2 million Ponzi scheme has been sentenced to five years in federal prison.

U.S. District Court Judge Jack T. Camp said he gave 57-year-old Gary Sheldon Hutcheson more than the recommended 51-month sentence because the "seriousness of the offense."

Authorities say Camp solicited $2 million in investments but only invested $780,000 of it in the stock market. Authorities say his victims included multiple family members, prominent Macon business owners, doctors, accountants and a retired Superior Court judge.

Hutcheson pleaded guilty in August to five counts of mail fraud and five counts of money laundering. His partner, 53-year-old Saundra McKinney Pyles is serving seventh months in prison after pleading guilty to concealing a felony.