US Ponzi scheme operator with links to J'can businesses sentenced
The United States Securities and Exchange Commission (SEC) says a former Boston, Massachusetts resident charged with fraud for operating a US$10 million ponzi scheme involving purported bridge loans to Jamaican businesses has been sentenced to 70 months' imprisonment in a parallel criminal case.
The SEC says Mark Anderson Jones pleaded guilty to the criminal charges in September 2016.
Jones solicited investors in several states and Washington D.C. by issuing promissory notes and personal guarantees to invest in 'The Bridge Fund'.
The enterprise supposedly loaned money to Jamaican businesses waiting for funding from approved commercial bank loans.
The SEC further claims that instead of investing as promised, Jones allegedly used portions of investors' money to make Ponzi payments and pay personal expenses.