Ponzi Scheme Operator Charged For Jamaican Bridge Loans Scheme
Posted: Mon Mar 14, 2016 9:35 pm
The U.S. Securities and Exchange Commission has today charged former Boston resident, Mark A. Jones, with operating a $10 million Ponzi scheme that claimed to generate profits from “bridge loans” to businesses in Jamaica. Jones was arrested on Sunday by the Federal Bureau of Investigation. The U.S. Attorney for the District of Massachusetts also filed related criminal charges against him on Monday.
According to the SEC complaint, Jones started soliciting investors around 2007, telling them that their money would be pooled and used to make “bridge loans” to Jamaican businesses awaiting funds from approved commercial bank loans.
Jones is said to have told ... (read more)