Tax & Accounting News

Man Sentenced to 9 Years In Prison For Global $50 Million Ponzi Scheme

8/30/2022

A man has been sentenced to nine years in prison for his role in leading a global Ponzi scheme involving oversized tires.

The case was primarily investigated by the IRS Criminal Investigation division. In an official release, the agency shared details of the case, which spanned "the country and world."

Jason E. Adkins, of Jackson, Ohio, was sentenced yesterday, August 30, to 108 months in prison for orchestrating and overseeing the aforementioned Ponzi scheme. Adkins conducted the scheme between 2012 and 2018, during which time he defrauded over 50 investors worldwide.

The release specifically noted:

Adkins and others claimed that they bought and sold oversized tires commonly known as off-the-road tires, which are used on earth moving equipment and/or mining equipment. Investors were told their money would be used to buy the tires at a steep discount, and that the tires would then be re-sold to a buyer at a much higher rate.

Investors were promised a 15 to 20 percent rate of return on investment, generally within 180 days. Adkins would sometimes pay the return on investment for the first transaction with investor victims.

Adkins and his co-conspirators also employed a fake escrow agent, whose role was to falsely reassure victims that their investments were secure. Court documents indicate that over $80 million was laundered through the sham escrow agent's bank accounts.

With the funds Adkins received from his Ponzi scheme, he "bought cars, vacations and property with the funds from the scheme. For example, he paid for the construction of a pool at his personal residence and more than $20,000 to lease a private jet."

The Ohio-based scammer also failed to file individual federal income taxes throughout the duration of the scheme.

U.S. Attorney for the Southern District of Ohio, Kenneth L. Parker, said, "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. Adkins deserves the prison sentence he received today."

What do you think about Adkins's prison sentence?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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