Houston Man’s Ponzi Scheme Leads to Guilty Plea
Steven Patrick Jones, a 49-year-old man from Kingwood, Texas, and Panama City, Panama, has pleaded guilty to mail fraud. The United States Attorney, Kenneth Magidson, announced the guilty plea in a press release.
Jones and his partner formed a company called Intermodal Wealth, which sold shipping containers to investors. The investors were promised 16% per year from the proceeds of the leases, but in reality, the company had few containers and did not lease any of them. Payments were made to investors, but the funds came from subsequent investors rather than from true proceeds.
Intermodal Wealth received more than $5.5 million from investors throughout the United States and worldwide. Jones and his family spent the majority of the investment funds they received. His partner, John Patrick Acord, 71, of Magnolia, is considered a fugitive and a warrant remains outstanding for his arrest.
Jones faces up to 20 years in federal prison without parole and a fine of up to $250,000 at his sentencing hearing on September 5, 2014. He will remain in custody pending the hearing.
The U.S. Postal Inspection Service investigated the case with the assistance of the Texas State Securities Board. Assistant U.S. Attorney Jay Hileman is prosecuting the case.
Anyone with information about John Patrick Acord’s whereabouts is asked to contact the U.S. Postal Inspection Service at 713-238-4444.
The case serves as a reminder of the dangers of Ponzi schemes and the importance of due diligence when investing.
Related Federal Cases
- Stuart C. Cole, Mail Fraud, Extortion, Money Laundering, St Pete Be… · Florida
- Michael Scott Calhoun, Wire/Mail Fraud, OK, 2023 · Oklahoma
- Shannon Tecoko Mays, Conspiracy to Commit Wire Fraud, Texas, 2012 · Oklahoma
- James Pavlounis, Social Security Administration Fraud and Tax Evasi… · Ohio
- Juan A. Tony Marrero, Medicare Fraud Scheme, Miami FL, 2023 · Alabama
Key Facts
- State: Texas
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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