Ponzi scheme mastermind gets 12 years

GAINESVILLE - The Clermont man accused of the biggest ever Ponzi scheme in Hall County history has been ordered to federal prison for 12 years.

Restitution for Wendell Spell's victims, who lost millions of dollars, could be decided in the next 90 days, according to U.S. District Judge William C. O'Kelley.

Spell was accused of bilking investors out of millions of dollars in a scheme involving the sale of heavy equipment. He pleaded guilty to wire fraud March 23.

Federal Judge William Oâ