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.