Man Pleads Guilty To Role In NC Ponzi Scheme

A former North Carolina resident has pleaded guilty to federal charges in a money laundering conspiracy connected to a $32.5 million Ponzi scheme.

Gary D. Martin of St. Augustine, Florida, entered his plea in a Charlotte courtroom Wednesday.

The 60-year-old Martin formed Queen Shoals Consultants in 2007 and induced victims to invest over $28.5 million with the firm, which prosecutors say was a Ponzi scheme operated by Sidney Hanson. Though Hanson never directly told Martin that Queen Shoals was a Ponzi scheme, prosecutors say Martin induced victims to invest through a series of false statements and fraudulent representations.

Martin got $1.9 million from Hanson, who was sentenced in March to 22 years in prison.

A sentencing date has not been for Martin, who faces up to 10 years in prison.

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  • by JD on Feb 13, 2012 at 04:48 AM
    Huh, I thought Ponzi schemes were legal; afterall, just look at Social Insecurity! :)
  • by Common Sense Location: E NC on Feb 12, 2012 at 12:34 PM
    "...Mr Martin was later contacted by the NC Republican Party, who consider him an ideal GOP candidate for the state legislature."
    • reply
      by ralphie on Feb 12, 2012 at 06:33 PM in reply to Common Sense
      Hmmm, mrs perdue's election team- in toruble, easley, in trouble, who are the ones from the who remembers every insipid criminal twerp democrat. There are SO MANY. And that is just in NC. Can you say total DNC and the house and senate of 2006 democrat cabal?
  • by Shine Location: NE NC on Feb 12, 2012 at 01:04 AM
    Ponzi smonzi If you pick up a snake a get bit...... who do you blame= you knew it was a snake when you picked it up.
  • by Just wondering on Feb 11, 2012 at 07:11 PM
    Does anybody know if this is the same Gary Martin that used to live in Martin County?
  • by Barlow Location: Winterville on Feb 11, 2012 at 06:10 PM
    Okay, now tell me how he deserves his money and that the rest of us are just envious.
    • reply
      by Anonymous on Feb 12, 2012 at 03:51 AM in reply to Barlow
      Okay,tell me why he voted for obama.
  • by Anonymous on Feb 11, 2012 at 03:41 PM
    Which type of Ponzi scheme?
    • reply
      by ralphie on Feb 12, 2012 at 06:31 PM in reply to
      You mean, which type of scheme I think. And the answer is Ponzi.

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