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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
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  • Steven Jones & John Acord Indicted- EcoEnergy Group/Intermodal Wealth Ponzi Scheme 3 comments
    Mar 10, 2014 12:40 PM

    A United States Grand Jury in Houston, Texas, indicted Steven Patrick Jones and John Patrick Acord for operating a fraudulent investment scheme from September 2011-September 2013, that raised over $5.5 million dollars from investors who believed they were purchasing shipping containers.

    Investors were promised guaranteed returns ranging from 13% to over 16%, depending upon the amount invested. In reality, the 'profits' that were paid out to investors to perpetuate the scheme were actually funded by funds raised from new investors. This form of investment fraud is the classic Ponzi Scheme; distributing a portion of the money raised from new investors to earlier investors to create the impression of an ongoing, legitimate and successful business operation.

    Investors were further deceived by being told that the chief financial officer was an individual name John Delano, when in truth, Delano was a fictional name for Acord. They also failed to disclose to investors that:

     

    • Acord had two prior federal fraud related convictions
    • Acord had twice been permanently enjoined by the Securities & Exchange Commission
    • Jones had a prior federal conviction related to shipping and interstate commerce
    • That investor funds were used for the personal living expenses of Jones and Acord
    • That Jones and Acord created sham 3rd party leases to create the appearance of a going concern


    The Texas State Securities Board had issued an emergency cease and desist order in July 2012 in connection with the fraudulent activity, however Jones and Acord continued to sell investments in the phony business, EcoEnergy Group, Inc. dba Intermodal Wealth, Inc.

    This form of fraud has been the most popular method by which unscrupulous promoters have utilized to dupe unsuspecting investors since 1920 when Boston businessman Charles Ponzimade the scheme notorious.

    If you have questions about your brokerage account, call to speak with an experienced securities attorney. No charge for initial consultation.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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Comments (3)
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  • rogerinwilmington
    , contributor
    Comment (1) | Send Message
     
    john patrick acord has been an irish grifter for over 40
    years. he has served substantial federal time twice. he is
    an international fugitive and will soon be found and extra-
    dited back to the u.s. at 73 years old, and in poor health,
    he will die in jail, no matter what sentence he is given. he
    has stolen the life savings of many elderly people, who
    will now have to struggle on their social security checks.
    we have a $3.8 million judgement against him and seized
    his prized nazi military collection. this alone was appraised
    at a half million dollars. he is a true sociopath and has no
    feelings, no conscience, and no character or morals.
    roger mason
    30 Mar 2014, 08:52 PM Reply Like
  • RogerMasonLooksLikeTheDevil
    , contributor
    Comments (2) | Send Message
     
    This guy Roger Mason is no saint himself. In the 70's he was an LSD chemist who was convicted and was also tied to 8 kids deaths but never was charged because he gave up higher drug dealers. Made his millions off suing others, running drugs, and old folks who don't know any better. He has ruined lives by suing companies and putting honest people out of work. Roger Mason is the pot calling the kettle black. Mason please find the highest bridge and jump head first.
    15 May 2014, 03:54 AM Reply Like
  • RogerMasonLooksLikeTheDevil
    , contributor
    Comments (2) | Send Message
     
    My guess is that this is the same Roger Mason who dealt LSD in the 70's to little kids whom 8 deaths had been tied to but was acquitted for because he gave up higher drug dealers. Don't come on here acting like a saint.. You have made your millions off the backs of old people and those you have sued, whose workers lives you have ruined because of your greed. Please find the highest bridge and jump head first you wolf in sheeps clothing.
    15 May 2014, 03:55 AM Reply Like
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