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Defendant Sentenced for $10M Ponzi Scheme
BOSTON – Mark Anderson Jones, a 64-year-old former Massachusetts resident, pleaded guilty on Friday, Sept. 16, 2016, in U.S. District Court in Boston in connection with running a $10 million Ponzi scheme. Jones, now facing sentencing, is charged with one count of wire fraud and one count of engaging in monetary transactions in proceeds of unlawful activity.
U.S. District Court Senior Judge Mark L. Wolf has scheduled sentencing for Dec. 21, 2016. According to court documents, between 2008 and 2015, Jones obtained approximately $10 million in investments from over 20 individuals by leading them to believe that they would be providing financing to Jamaican businesses.
Jones claimed that Jamaican banks could take time to close loans to businesses, and he offered these businesses “bridge loans” as an interim measure. However, Jones made misrepresentations to investors about the purported bridge loan investments and how their money would be used. Specifically, rather than investing in bridge loans and paying returns based on investments, Jones paid a significant amount of investment returns, or repaid investment principal, to investors from new capital provided by other investors.
For example, in January 2015, a Massachusetts-based investor invested approximately $200,000 with Jones. Later that month, Jones used approximately $180,000 of that investor’s money to pay four other investors. Jones’ scheme was eventually uncovered, and he is now facing the consequences of his actions.
U.S. Attorney Carmen M. Ortiz and Harold H. Shaw, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, made the announcement. Valuable assistance was also provided by the U.S. Postal Inspection Service and the Internal Revenue Service’s Criminal Investigations in Boston. The case is being prosecuted by Assistant United States Attorney Sarah E. Walters, Chief of Ortiz’s Economic Crimes Unit, and Special Assistant U.S. Attorney Eric A. Forni from the SEC.
Jones’ guilty plea is a significant development in the case, and it marks the end of a long and complex investigation. The case serves as a reminder of the importance of being vigilant and doing one’s due diligence when investing in any business or opportunity.
The investigation and prosecution of this case are a testament to the hard work and dedication of the law enforcement agencies and prosecutors involved. Their efforts have brought a significant perpetrator to justice and have protected the public from further harm.
Key Facts
- State: Massachusetts
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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