Mark Jackson’s Ponzi Scheme

By: Jack Waymire | June 20, 2009 | Ponzi Schemes

The State of Colorado has accused long time Denver financial advisor Mark Jackson of running a Ponzi scheme that bilked investors out of $30 million http://www.denverpost.com/crime/ci_12549352.

Jackson’s principal claim that hooked investors is the oldest one used by operators of Ponzi schemes. He promised investors returns of 12% to 36% with little of no risk. This appealed to the greed factor (high returns) of many investors and to their fear of loss (low risk).This type of investment simply does not exist. However, it is a believable fairy tale when told by personable advisors with superior sales skills.

Jackson’s claims appeared real for two reasons. First, he controlled the content of reports that told investors how their investments were performing. This is a case of the fox guarding the chicken coop. Second, he used new investor assets to meet withdrawal requests. So everything appeared normal.

This fairy tale does not have a Hollywood ending. Down markets interrupted the flow of new assets and requests for withdrawals increased so eventually his Ponzi scheme collapsed when he couldn’t meet redemption requests. But, by then it was too late.

8 Responses to “Mark Jackson’s Ponzi Scheme”

luminary07

July 14th, 2009 at 10:23 am

Yep… I was one of the fools who trusted him, but I only lost $60,000. Seemed like a nice man, and my family now has lost more than I have by trusting him.

victim

July 28th, 2009 at 12:44 pm

Luminary, count yourself lucky. We were taken for over a million. Lost all our retirement money. We have no way to recoup being in our 60s. We just lost our house and have moved in with relatives.

We know 2 other retired couples who have been devastated by this fraud.

Unfortunately, Jackson continues to trade with “family money.” What a crock. Word from another Denver attorney is that Jackson’s attorney is with a very old, politically connected firm. The term used was “they are power brokers.”

This might explain why we haven’t heard about any criminal investigation! He definitely stole the money. Clients had loan documents, received fraudulent statements. Jackson basically admits to a ponzi scheme; definitely wire and mail fraud also.

victim

July 28th, 2009 at 12:57 pm

FYI, luminary… Jackson’s wife (Ida Jackson) is the controller for Pacific Living Properties out of San Diego. This is a large real estate development company. Jackson told another client (victim) that Idi (her nickname) was making six figures.

This client (victim) was with Jackson 10-12 years and a personal friend. He went to Jackson family functions, etc.

I wonder how what Pacific Life thinks about their controller’s husband stealing money and running a ponzi scheme! Idi is listed as a partner in some of the partnerships shown on Jackson’s client statements. One was the “Mark and Idi partnership.”

I would say Ida Jackson was “up to her eyeballs” in this also!

Sage

September 19th, 2009 at 5:35 am

The receiver is now demanding statements of all assests of the victims. The victims are facing possible lawsuits. A friend, one of the victims, is over 62yo, living in a basement now, has lost everything, and is retired. There is no $$ to even hire an attorney. The US Attorney will not say whether or not they are investigating. This HAS TO BE BUSTED open and exposed to the national media and the US Attorney HAS to be involved. My friend has health problems, retired and yet lost all her retirement. Mark Jackson is out there trading still.

marketsmart

November 12th, 2009 at 4:18 pm

When you invest your money in the stock market THERE IS ALWAYS A RISK of losing it. Sounds like there should be some shared accountability here after the economy tanked, right? And promising 12-36 percent returns?

If you were dumb enough to believe in that, then you deserve what you got!

PROSVM

March 18th, 2010 at 7:30 am

Idi Jackson runs the financial end of Pacific Living Properties (not Pacific Life, but you got it right the 1st time). I am a former employee of P.L.P., one-time a property manager for them, and I have met all of these people, including Mark. Before I go on, understand that I have reason to be hostile to this organization as my loyalty and hard work was in the end not reciprocated.
However, that being stated, I would state that none of this reflects on P.L.P. and P.L.P. should not be held to account for it, nor anyone prejudiced against them on Mark’s account. How far Idi was involved is unknown to me, or any of those I know who also know these people. I understand some of the leadership at that company have lost more to this financially than anyone who has posted here (and despite my annoyance with one of them, I am sorry this happened to him).

And, Marketsmart is, ultimately, correct: There is an old axiom, a piece of wisdom, that if people would only heed it, such as this would never happen to them:
If it sounds too good to be true, it almost certainly is.

Bill Johnson

May 14th, 2010 at 12:13 pm

I know him and worked with him back in the 80’s and I did not trust them at that time. I siad do not trust him at any time. I just lost $700.00 I was hopeing he will go to jail I just got my wish for my birthday. It has taken 21 years to come true. It is now 05/14/10

luminary07

May 25th, 2010 at 7:36 pm

Me again.
it’s May 25th 2010.
Mark Jackson gets 15 years Prison plus five years probation…
still wish I cold get my money back. And to “marketsmart”, yes, I know your point is valid, but I wasn’t the person doing the transactions. My father was.
I gave what I had to him as Mark wouldn’t have taken my measly $60000 without my father and his wife’s contributions. I trusted my father to know more than me, and the guilt my dad bears from loosing all of our money (his wife’s life savings and his own too) is killing him.
A thief is a thief is a thief… and the guilty will be doing his time.
Hope his cellmate gives him a warm welcome.