JACKSON COUNTY, Ohio — A Jackson man will spend the next nine years behind bars after being sentenced in federal court for creating a $50 million Ponzi scheme. The Department of Justice said Jason E. Adkins, 46, defrauded over 50 investors across the globe.
“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 U.S. Attorney Kenneth L. Parker. “Adkins deserves the prison sentence he received today.”
According to court records, from 2012 through 2018, Adkins conspired to solicit millions of dollars from investors, failing to invest the funds and misappropriating money for his benefit.
Adkins and his co-conspirators claimed they had purchased and sold off-the-road tires. Investors were told their money would be used to buy the tires at a discounted price, and the tires would then be re-sold to a buyer for a profit.
The Department of Justice says investors were promised a 20 percent return on their investment within six months.
In addition, Adkins and his co-conspirators employed a scammer to reassure the victims that their money was safe until the deals were completed. Federal authorities said more than $80 million flowed through the so-called escrow agent’s accounts related to the scheme.
The FBI said Adkins laundered his proceeds for at least five years by investing in fake businesses created by his co-conspirators.
Adkins bought cars, vacations, private jets, and property with illegal funds.