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Restitution to Be Paid in North Carolina Ponzi Scheme

A couple from Charlotte, North Carolina has been ordered to pay restitution after an alleged Ponzi scheme took millions from retired and elderly investors.

Sidney Hanson pleaded guilty to counts of securities fraud and mail fraud in the scheme. He was sentenced to 22 years in prison earlier this year. His companies, along with his wife Charlotte Hanson, have been ordered to pay out more than $23 million in restitution that was allegedly taken from their investors.

According to the allegations, Hanson promised investors a "risk-free" investment opportunity that would pay returns of 8 to 24 percent. Unfortunately, investors instead were being lured into a Ponzi scheme and being paid with money from new investors in the scam. Hanson and his wife are said to have spent the rest on a large farm, expensive vacations, and private plane rentals.

The securities fraud attorneys with Meyer Wilson represent victims of Ponzi schemes in stockbroker mediation, arbitration, and litigation. We have recovered millions of dollars in losses for our clients, and we look forward to speaking with you.

Categories: Securities Fraud

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