From Caribbean News Now

BOSTON, USA — Former Jamaican resident Mark Jones, who is accused by the US Securities and Exchange Commission (SEC) and the Justice Department of running a $10 million “Jamaica Bridge Loan Fund” Ponzi scheme, has pleaded guilty to two criminal counts.

At a hearing in US federal court in Boston on September 16, Jones agreed to a plea deal and a waiver of indictment. He was advised of the maximum possible penalties the court may impose, including imprisonment, fine, and term of supervised release; as well as possible forfeiture and restitution, along with the court’s obligation to impose a special assessment.

Sentencing was set for December 21 before Judge Mark L. Wolf. In the meantime, Jones was released on the same bail terms and conditions as hitherto.

According to the SEC complaint:

• Jones began soliciting investors starting around 2007 and said their money would be pooled and used for “bridge loans” to Jamaican businesses awaiting funds from approved commercial bank loans. Jones told investors the bridge loans would generate approximately 15 percent to 20 percent interest a year.

• Jones raised about $10 million from at least 21 investors in six states and Washington, DC, including three of his own relatives.

• Jones appeared in YouTube videos touting investment opportunities in Jamaica and met with some investors in Jamaica to show local projects they had purportedly funded.

• Jones used investors’ money to pay other investors – the hallmark of a Ponzi scheme. He also used some investors’ money to pay his personal expenses.

• Many of those that Jones defrauded are retirees who are now in financial straits because of their investments with him.

IMAGE: Mark Jones

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