ST. AUGUSTINE, Fla. -- A St. Augustine man has pleaded guilty in a Ponzi scheme.
Gary Martin entered the plea in a money laundering conspiracy connected to a $32.5M scheme.
60-year-old Martin formed Queen Shoals Consultants in 2007 and convinced victims to invest millions of dollars with the firm, which prosecutors say was a Ponzi scheme operated by Sidney Hanson.
Hanson never directly told Martin that Queen Shoals was a Ponzi scheme, but prosecutors say Martin induced victims to invest through a series of false statements and fraudulent representations.
Martin got nearly $2M from Hanson, who was sentenced in March to 22 years in prison.
Martin faces up to ten years in prison.