A North Bethesda man was sentenced Tuesday to 13 years in prison and ordered to repay $28.6 million to more than 170 investors, including a District children’s charity, who were bilked by a Ponzi scheme run by the man through companies he controlled.

Garfield M. Taylor, 56, was sentenced by U.S. District Chief Judge Richard W. Roberts on a securities fraud charge.

“Garfield Taylor masterminded a Ponzi scheme to bilk local investors out of over $28 million,” said acting U.S. Attorney for the District Vincent H. Cohen Jr. “When his scheme collapsed, his lies left the families and charities who believed his empty promises holding the bag. This 13-year prison sentence is a reflection of the seriousness of financial crimes and our dedication to vigorous prosecution of securities fraud.”

Taylor pleaded guilty in March 2014 while represented by the Public Defender Service, although his new attorney, Cary Clennon, on Monday filed a motion to withdraw the plea.

The U.S. Securities and Exchange Commission also obtained a civil judgment against Taylor.

In the motion, Clennon wrote that Taylor is innocent, had no intent to defraud and had a successful business track record before the financial crisis.

“But for the enormous economic upheavals that upended nearly every sector of the American economy from 2008 to 2010, his companies could have been successful,” Clennon wrote. “His business failure was due largely to market forces beyond his control, not fraud.”

Operating from 2006 to 2010, prosecutors said, Taylor promised investors substantial returns using a sophisticated trading strategy that protected against loss, but never used the strategy. Instead he racked up “overwhelming losses” on “highly risky” trades, while withdrawing $2.5 million for his own use, prosecutors said.

To make interest payments to earlier investors, he drew from principal invested by newer investors, prosecutors said. When the operation collapsed, Taylor owed investors $29 million in principal that he was contractually required to return.

Garfield’s investors included many middle-class people spread across local communities such as Lanham, Germantown, Upper Marlboro and Alexandria, the SEC said when Taylor was charged.

Prosecutors said Taylor owes $20 million to 158 investors in Garfield Taylor Inc., $2.6 million to 12 investors in Gibraltar Asset Management Group, and $6 million to Hillcrest Children’s Center, a District charity for impoverished single mothers and their children that invested more than half its endowment with Taylor.

Prosecutors said individual victims included parents of a newly diagnosed autistic child who refinanced their home to invest $223,000 with Taylor to pay tuition; a retiree who invested $500,000 of life savings with Taylor and had to go back to work as a security guard; and a woman who converted a $450,000 retirement account to invest with Taylor, racked up a tax bill and if she returns to work faces a tax garnishment on wages.

The SEC said Taylor formerly worked for mortgage giant Fannie Mae. A marketing document from Taylor to Hillcrest that emerged in the charity’s lawsuit against Taylor stated that he was a short-term funding manager at Fannie Mae.