Wendell Ray Spell took in $62 million through his scheme
(AP) -- A Gainesville man was sentenced to 12 years in federal prison for bilking investors out of at least $16 million in what authorities say is the largest fraud in Hall County's history.
Wendell Ray Spell, 50, apologized Thursday for orchestrating a Ponzi scheme through his heavy equipment company. He told the judge he "became the master of deceit" and said he prays that his 79 victims would forgive him. Prosecutors say Spell took in $62 million through his scheme but paid out $45 million in "phantom profits." But the scheme collapsed amid an expanding mountain of debt.
Spell's wife had blamed his actions on pressure to maintain his business amid the economic downfall.
He is the latest in a string of fraudsters who have been convicted in Georgia over the last two years.
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