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Ponzi Scamster Sentenced
ATLANTA (AP) A former attorney has been sentenced to more than five years in prison for a real estate investment fraud scheme that took in a dozen victims in Georgia, Florida and Tennessee.
The federal sentence was handed to 53-year-old Steven Ballard of McDonough on Thursday. He must serve five years, three months in prison and three years probation.
He was also ordered to pay approximately $1.13 million in restitution to the fraud victims.
Prosecutors say the ponzi scheme took in more than $2 million over three and a half years using bogus warranty deeds, sales contracts or other documents to reflect nonexistent property purchases.
Ballard was a real estate and business law attorney and was disbarred in 2006. He faced up to 20 years in prison.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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