Friday, November 13, 2009
© Copyright 2013
Gwinnett Daily Post
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.
More like this story
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- Lawrenceville man sentenced to 20 years in Ponzi scheme ( November 30, 2011 )
- 4 sentenced for making unauthorized drugs ( August 16, 2008 )
- Hoschton man pleads guilty to bank fraud, conspiracy ( November 6, 2009 )
- Lawrenceville man sentenced to 20 years in Ponzi scheme ( November 29, 2011 )
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