Queen Shoals Exec Gets 22 Years For Ponzi Scheme

Law360, New York (April 1, 2011, 4:48 PM EDT) -- A North Carolina federal judge sentenced the owner of investment firm Queen Shoals Group LLC to 22 years in prison Thursday after he pled guilty to running a multimillion-dollar Ponzi scheme.

Judge Robert J. Conrad Jr. of the U.S. District Court for the Western District of North Carolina also ordered Sidney S. Hanson to pay restitution expected to exceed $33 million and to serve three years of supervised release, according to the U.S. Department of Justice.

Hanson, 63, has been in custody since his bond was...
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