An American has pleaded guilty to operating a multi-million US dollar Ponzi scheme which had links to Jamaica.
A statement on Monday from the US Attorney's office said Mark Anderson Jones, 64, pleaded guilty on Friday to one count of wire fraud and engaging in monetary transactions in proceeds of unlawful activity.
He is expected to be sentenced on December 21.
According to the U.S Attorney’s office, Jones acquired around US$10 in investments from more than 20 people from 2008 to last year by assuring them they would be issuing financing to businesses in Jamaica.
US authorities said Jones claimed he was providing bridge loans to the businesses.
They claimed he misled investors about how their money would be used. Rather than investing in bridge loans and paying returns, he paid investors with new capital collected from other persons.
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