{"id":2782,"date":"2016-03-28T00:00:00","date_gmt":"2016-03-28T04:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/sec-charges-mark-jones-operating-10-million-ponzi-scheme-claimed-offer-loans-jamaican-businesses\/"},"modified":"2016-03-28T00:00:00","modified_gmt":"2016-03-28T04:00:00","slug":"sec-charges-mark-jones-operating-10-million-ponzi-scheme-claimed-offer-loans-jamaican-businesses","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/sec-charges-mark-jones-operating-10-million-ponzi-scheme-claimed-offer-loans-jamaican-businesses\/","title":{"rendered":"SEC Charges Mark A. Jones with Operating $10 Million Ponzi Scheme that Claimed to Offer Loans to Jamaican Businesses"},"content":{"rendered":"<\/p>\n

The U.S. Securities and Exchange Commission (SEC<\/a>) has charged former Boston resident, and current Miami<\/a> resident, Mark A. Jones with operating a $10 million Ponzi scheme<\/a> that claimed to generate profits from \u201cbridge loans\u201d to Jamaican businesses.<\/p>\n

According to the SEC\u2019s Complaint — filed earlier this month in federal court in Boston — Mr. Jones began soliciting investors in 2007 and said their money would be pooled and used for \u201cbridge loans\u201d to Jamaican businesses awaiting funds from approved commercial bank loans.\u00a0 Mr. Jones purportedly told the investors that the loans would generate approximately 15 to 20 percent interest each year.\u00a0 He appeared in YouTube videos promoting investment opportunities in Jamaica and even met with some investors in Jamaica to show them local projects in which their funds were purportedly invested.\u00a0 Contrary to those representations, though, the SEC alleges that Mr. Jones was actually using investors\u2019 money to pay other investors — the hallmark of a Ponzi scheme.\u00a0 In addition, Mr. Jones is alleged to have used some of the invested funds for his own personal use.\u00a0 In all, Mr. Jones raised about $10 million from at least 21 investors in several states and Washington, D.C., including some of his own relatives.\u00a0 Targeting investors from the same community or religious group is generally referred to as affinity fraud<\/a>.<\/p>\n

The SEC has obtained a Court order freezing Mr. Jones\u2019 assets and an order to repatriate investor funds that were moved overseas.\u00a0 In addition, the SEC is seeking a permanent injunction, return of allegedly ill-gotten gains with interest, and other monetary penalties.\u00a0 Mr. Jones is also being criminally prosecuted by the U.S. Attorney for the District of Massachusetts for his actions.<\/p>\n

Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) has charged former Boston resident, and current Miami resident, Mark A. Jones with operating a $10 million Ponzi scheme that claimed to generate profits from \u201cbridge loans\u201d to Jamaican businesses. According to the SEC\u2019s Complaint — filed earlier this month in federal court in Boston — Mr. Jones […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[593,583],"tags":[363],"class_list":["post-2782","post","type-post","status-publish","format-standard","hentry","category-ponzi-schemes","category-sec-actions","tag-affinity-fraud"],"yoast_head":"\nSEC Charges Mark A. Jones with Operating $10 Million Ponzi Scheme that Claimed to Offer Loans to Jamaican Businesses — Securities Arbitration Lawyers Blog — March 28, 2016<\/title>\n<meta name=\"description\" content=\"If you have been the victim of investment fraud, contact Silver Law Group today to speak with an experienced securities attorney.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/sec-charges-mark-jones-operating-10-million-ponzi-scheme-claimed-offer-loans-jamaican-businesses\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Charges Mark A. 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