Gary D. Martin, Money Laundering, North Carolina 2012

Gary D. Martin, a 61-year-old former North Carolina resident, has been sentenced to 10 years in prison for his involvement in the
$32.5 million Queen Shoals Ponzi scheme.

The scheme, which was operated by Sidney Hanson, induced victims to invest
over $28.5 million in the Queen Shoals Ponzi scheme.

Martin, who formed Queen Shoals Consultants, LLC (QSC) in North Carolina in December 2007, falsely claimed that QSC had over 20 years’ experience in financial services and international finance.

Martin held QSC out as “leaders in Professional Private Placement Retirement Planning” and falsely claimed that QSC had a “proven method of diversification [that] spreads the risk nicely for a balanced portfolio,” when, in fact, QSC offered no such diversification and funneled victim funds solely into the Queen Shoals Ponzi scheme.

According to court documents, Martin received over $1.9 million in referral fees from Hanson and paid the consultants over $1.5 million during the relevant time period in return for inducing victims to invest in the Queen Shoals Ponzi scheme.

U.S. District Judge Robert J. Conrad, Jr. also ordered Martin to pay $31,707,038 as restitution to the victims of the Ponzi scheme and ordered defendant liable to forfeit and repay the Government for the approximate $28,500,000 in proceeds of the scheme.

Martin's sentencing marks the end of a long and devastating Ponzi scheme that had a profound impact on the victims, many of whom lost their life savings.

Source: https://www.justice.gov/usao-wdnc/pr/former-north-carolina-resident-sentenced-ten-years-prison-money-laundering-conspiracy