A former Massachusetts resident recently pleaded guilty in U.S. District Court in Boston in connection with running a $10 million Ponzi scheme.

Mark Anderson Jones pleaded guilty to one count of wire fraud and one count of engaging in monetary transactions in proceeds of unlawful activity.

Between 2008 and 2015, Jones received approximately $10 million in investments from over 20 individuals by leading them to believe that they would be financing Jamaican businesses. Jones told the investors that he was offering the businesses “bridge loans” as a means of bridging the gap between the date a loan was sought from Jamaican banks and the distribution of funds by those banks. Jones instead used the money to pay a significant amount of investment returns to investors from new capital provided by other investors.

Sentencing is scheduled for Dec. 21.