Former Asheville man sentenced to 10 years for Ponzi scheme
CHARLOTTE, N.C. — A former North Carolina resident was sentenced this week in U.S. District Court for his involvement in the $32.5 million Queen Shoals Ponzi scheme.
Gary D. Martin, 61, of St. Augustine, Fla., and formerly of Asheville, was sentenced to 10 years in prison and two years of supervised release.
Martin also was ordered to pay $31.7 million as restitution to the victims and forfeit and pay an additional $28.5 million to the government from profits.
Martin pleaded guilty in February 2012 to one count of a money-laundering conspiracy. According to court documents and court proceedings, around December 2007, Martin formed Queen Shoals Consultants LLC.
Martin and others induced victims to invest more than $28.5 million in the scheme operated by Sidney Hanson.
Read full story: The Winston-Salem Journal.