JACKSONVILLE, Fla. -

A 48-year-old Jacksonville man has been arrested and indicted on 10 counts of mail fraud and 10 counts of wire fraud in connection with his operation of a fraudulent investment scheme, according to the U.S. Attorney's Office.

If convicted, Anderson Hall faces up to 20 years in federal prison for each count of mail and wire fraud, and fines of up to $5 million.

According to the indictment, while working for a national investment services company, Hall operated a sham company (Abaco Securities International, Ltd.), which he held out to be a legitimate international investment company.

Prosecutors said Hall was the mastermind behind a complex scheme to defraud numerous investors, including Duval County school teachers and administrators. They said Hall would induce victim investors into transferring their retirement savings from legitimate life insurance companies and investment companies over to his control.

Prosecutors also said that instead of investing victim investors' funds as promised, Hall would use the funds for his own personal use, including purchasing high value luxury items and commercial and residential real estate.

On occasion, as part of the fraud scheme, prosecutors said, Hall would use money taken from new investors to pay earlier investors. In total, prosecutors said, he defrauded investors of more than $4 million.

"The allegations, if proven true, are regrettable for our retired employees, and the district will cooperate fully with federal criminal justice system officials to the extent needed," a Duval County Public Schools statement reads.