JACKSON, OH (WOWK) – An Ohio man will spend nine years behind bars for orchestrating a $50 million Ponzi scheme.
According to U.S. Attorney for the Southern District of Ohio Kenneth L. Parker, Jason E. Adkins, 46, of Jackson was convicted of defrauding more than 50 investors, soliciting victims from around the country and the world. He was sentenced in court to 108 months in prison.
Parker says court documents show that Adkins conspired and solicited millions from investors under false pretenses between 2012 and 2018. He also failed to invest the victims’ funds and misappropriated those funds to benefit himself and others.
“The victims in this case had their lives upended, their life savings taken, and their security ripped away, all while Adkins enriched himself and lived lavishly” said Parker. “Adkins deserves the prison sentence he received today.”
Court documents say Adkins, along with others involved in the scheme, claimed to buy and sell over-sized, off-the-road tires used for earth moving equipment and mining equipment. Adkins told investors the money they invested would be used to buy the tires for cheap so they could be resold at a higher rate, according to court documents. Parker says Adkins promised the investors 15%-20% of the rate of return and that they would get it within 180 days and would sometimes pay the victims for the first…
