A McDonough man faces more than five years in federal prison for a multi-million dollar real estate Ponzi scheme, according to the FBI.
Steven H. Ballard, 53, was sentenced to five years and three months in prison. He also faces three years of supervised release following his prison term and must pay more than $1.1 million in restitution to the victims of his scheme.
Federal authorities say that between September 2002 through May 2006, Ballard operated a real estate investment scam, better known as a “Ponzi” scheme. During the years he ran the scheme, Ballard collected more than $2 million from investors in Georgia, Florida and Tennessee, according to federal authorities.
Authorities say Ballard reimbursed his victims “only if they detected the scheme.”
In May 2006, the State Bar of Georgia disbarred Ballard.