COLUMBUS, OH – A Texas man with ties to a multi-million-dollar Ponzi scheme involving off-the-road tires has pleaded guilty in federal court. The scheme, which defrauded investors of $50 million across multiple states, included Jackson resident, Jason E. Adkins as a key player.
John K. Eckerd Jr., 60, of Dallas, admitted to charges of wire fraud conspiracy and tax crimes. As part of the plea, Eckerd faces a recommended prison sentence of 36 to 109 months.
Scheme Involved Jackson Resident
Eckerd worked closely with Adkins, 47, who was previously convicted and sentenced for his role in the scheme. Together, they orchestrated an elaborate operation, presenting themselves as buyers and sellers of off-the-road (OTR) tires—large, specialized tires used in mining and earth-moving equipment.
According to court documents, Eckerd recruited investors by promoting lucrative tire deals, often assuring them of high returns. However, few legitimate transactions occurred. Instead, funds were misappropriated for personal use and to pay back earlier investors, a hallmark of a Ponzi scheme.
Financial Fallout for Investors
Victims of the scheme were lured into believing they were funding legitimate tire sales. Many lost significant sums of money when tire deals collapsed, while others received repayments derived from new victims’ investments rather than actual profits.
Eckerd’s involvement in the conspiracy netted him at least $14 million, which he used to fund his lifestyle.
Tax Fraud Scheme
Eckerd also conspired with Adkins to evade federal income taxes. The pair reclassified certain payments as loans to avoid tax liabilities, used shell companies, and funneled money through nominees to conceal income. Eckerd has admitted to evading $1,028,454 in taxes.
Restitution and Forfeiture
Eckerd’s plea agreement includes the forfeiture of $14 million, partially satisfied by the surrender of his home in McKinney, Texas. A final restitution amount will be determined at sentencing, ensuring some repayment for victims.