Alleged Panama City Ponzi Scheme Promised 12 Percent Returns
Harrison Jones, a licensed financial planner in Panama City, was arrested
Ponzi scheme allegations. His advertisements, which reputedly promised to make clients'
money "last as long as you do," were, apparently, a bit too
good to be true after all.
Jones allegedly flew under the radar because he wasn't actually trading anything. Investigators claim that Jones has not made any investments with his clients' money for several years. Any new investments he received were reputedly going toward interest for earlier investors.
The name of Jones's group, the "12 Percent Savings Club," might have been a bit of a red flag.
"I know (that) it's a scam. There is no 12 percent right now," Messer, another local investment professional stated. "But he's not talking to professionals; he's talking to people from his church."
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