Former attorney sentenced for real estate scheme

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Former attorney sentenced for real estate scheme

Story Published: Nov 5, 2009 at 10:17 PM EST

Story Updated: Nov 5, 2009 at 10:17 PM EST

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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