Houston Eco-Energy Intermodal Wealth Scam Allegedly Charged with Investment Fraud
Steven Patrick Jones and John Patrick Acord were allegedly indicted by U.S. Grand Jury in Houston, Texas on charges that they were allegedly running a fraudulent eco-energy Ponzi scheme under the name of Intermodal Wealth. The fraud was perpetrated from September 2011 through September 2013, and purportedly raised over $5.5 million for investors who believed they were purchasing shipping containers. Acord and Jones allegedly concocted bogus lease agreements to dupe investors, and then ran the company as a Ponzi scheme, making some payments to investors with money from other investors. Intermodal Wealth reportedly offered investments in shipping containers used for rail, trucks and ships, and the indictment against them, reportedly based on a State Securities Board investigation, alleges the company offered a guaranteed return of at least 13 to 16 percent, a sky high rate which should have raised a multitude of red flags for any investor.
John Patrick Acord Allegedly Operated Under Pseudonym “John Delano”
It appears that John Patrick Acord, the company’s CFO, is no stranger to dealing with the long arm of the law. Acord reportedly had two prior federal fraud convictions, and had been enjoined twice by Securities and Exchange Commission civil actions, and even went so far as to slyly operate Intermodal Wealth under the alias of “John Delano.” In addition, Intermodal’s president, Steven Patrick Jones, appears to have a rap sheet, and also carries a federal conviction for fraud in shipping and interstate commerce on his record. Acord and Jones allegedly concocted bogus lease agreements to dupe investors, and then ran the company as a Ponzi scheme, making some payments to investors with money from other investors.
Investment Fraud Lawyers Investigating
The Peiffer Wolf Carr & Kane securities attorneys often represent investors who lose money as a result of Ponzi schemes or investment fraud. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.