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KINGSTON, Jamaica, Apr 08 2016 – Jamaica Promotions Corporation (Jampro) President Diane Edwards has sought to disassociate the government agency from allegations surrounding an alleged US$10-million ponzi scheme by former beneficiary Mark Jones.
Up to yesterday, there were growing concerns about Jampro’s involvement in the facilitation of Jones’ ‘bridge loans’ investments to Jamaica, a short-term loan scheme which is said to have affected 21 investors, including retirees.
Following the charges against Jones by the US Securities and Exchange Commission (SEC), an article was published in Caribbean News Now, titled JAMPRO or SCAMPRO? The politics of investment funding in Jamaica – questioning Jampro’s integrity in facilitating the investments to Jamaica.
Jampro has since requested a removal of the article from the website and is threatening legal action if the organisation does not comply.
“Allegations that Jampro has any direct involvement in fraudulent investment ‘ponzi’ or ‘bridge loan’ schemes are totally unfounded, detrimental to our good reputation and must be retracted,” Edwards told journalists during an emergency press briefing yesterday at the corporation’s headquarters in Kingston.
“Jampro handles investments in Jamaica against principles or pure business professionalism. We facilitate investors and investment projects that we believe can add value to our economy and create wealth for our people for generations to come,” she continued. “Our systems and operations are transparent; we operate in good faith with all our investors and always expect positive returns.”
In addressing Jampro’s investment facility, Edwards noted that the government agency employs specific resources in determining which investors are targeted and facilitated. She emphasised that the routine due diligence procedure was executed for Jones, as is done on all leads, to ensure some credibility of the opportunity prior to committing its resources.
Further to the allegations, the SEC obtained a court order freezing Jones assets and an order to repatriate investor funds that were moved overseas. The SEC’s complaint seeks a permanent injunction, return of allegedly ill-gotten gains with interest, and penalties.
Jones is a former Boston resident who now lives in Miami and has a second home in Jamaica.
