BOSTON, USA (CMC) — The United States Securities and Exchange Commission (SEC) says a former Boston, Massachusetts, resident charged with fraud for operating a US$10-million Ponzi scheme involving purported bridge loans to Jamaican businesses, has been sentenced to 70 months imprisonment in a parallel criminal case.

The SEC said Mark Anderson Jones pleaded guilty to the criminal charges in September 2016, which charges arose out of the same fraudulent conduct alleged n the SEC complaint filed last year.According to the SEC, Jones solicited investors in several states and Washington, DC by issuing promissory notes and personal guarantees to invest in “The Bridge Fund”, an enterprise that supposedly loaned money to Jamaican businesses waiting for funding from approved commercial bank loans.Instead of investing as promised, Jones allegedly used portions of investor money to make Ponzi payments and pay personal expenses, the SEC said.In March, it said the US District Court for Massachusetts entered a final judgment against Jones by default.The SEC said the court permanently enjoined Jones from violating Section 17 (a) of the Securities Act of 1933, and Section 10 (b) of the Securities Exchange Act of 1934 and Rule 10b-5, and ordered him to pay US$3,586,510.The court also ordered Jones to pay US$236,463.48 in prejudgment interest and a US$160,000 civil penalty, the SEC said.