McDonough Georgia lawyer pleads guilty in Ponzi scheme
On Thursday, a former Henry County lawyer pleaded guilty in federal court to running a real estate scam in which he stole more than $2 million. Authorities say 24 individuals across Georgia, Tennessee and Florida fell victim to the scheme.
The Atlanta Journal Constitution has the story.
Steven H. Ballard was accused of operating the scheme between 2002 and 2006. Authorities say he promised clients profits in excess of 50 percent, but upon taking their money, he would simply deposit the funds into his firm’s escrow account. Prosecutors believe he would show investors forged legal documents and deeds to make them think transactions had occurred. Perhaps most shocking of all is the fact that many of the victims were friends and colleagues of Ballard.
In one case, Ballard sold a condo in Panama City, Florida to a retired firefighter. However, the condo was actually an empty lot that had been sold to numerous parties. The firefighter used his life savings to make the investment.
Ballard is scheduled to be sentenced in late September and faces a possible 20 years in prison. He must also pay the money back he stole. He has thus far returned about half the money, and is currently working at a convenient store and organizing golf tournaments to pay back the rest.
Ballard started practicing law in 1981 and was even an adjunct professor at Clayton State University. He was disbarred in 2006.
Pate & Brody is an accomplished Georgia law firm with offices in Atlanta, Macon and Madison. Our lawyers are dedicated to pursuing justice for people charged with serious crimes. We have successfully represented clients facing serious federal criminal charges and state criminal charges in courts across Georgia. Our lawyers have been recognized on the list of Georgia's "Super Lawyers", and included among Georgia's "Legal Elite" by Georgia Trend Magazine. Page Pate was recently the Chairman of the Criminal Law Section of the Atlanta Bar Association.
