Intermodal Wealth of Houston indicted for investment fraud

ID-100128578Investing always carries risk, but it’s especially risky when the people soliciting investments offer a deal that’s too good to be true–and have previous convictions for fraud.

Those red flags and more applied to Houston company Intermodal Wealth LLC, according to the Texas State Securities Commission, which announced an indictment recently unsealed by a federal court in Houston.

Intermodal Wealth offered investments in shipping containers used for rail, trucks and ships. The indictment, based on a State Securities Board investigation, alleges the company offered a guaranteed, unrealistically high, return of at least 13 to 16 percent.

John Patrick Acord, the company’s CFO, used the fictional name “John Delano.” Among other legal problems, Acord had two prior federal fraud convictions and had been enjoined twice by Securities and Exchange Commission civil actions , among other legal problems. Intermodal’s president, Steven Patrick Jones, also had a federal conviction for fraud in shipping and interstate commerce on his record.

The indictment charges Acord and Jones with multiple counts of wire and mail fraud as well as securities fraud. Jones and Acord allegedly collected at least $5.5 million from investors who were told they would receive big profits through Intermodal’s leasing of shipping containers to third parties.

Acord and Jones allegedly created sham lease agreements to fool investors and ran the company as a Ponzi scheme, making some payments to investors with money from other investors.

The Securities Commissioner entered a final Emergency Cease and Desist Order against Jones, Acord, Intermodal Wealth, and other parties in December 2013.

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3 Responses to Intermodal Wealth of Houston indicted for investment fraud

  1. Chris says:

    Is there any way for the victims of this scam to recover any of their money?

    • You can file a complaint with the Texas State Securities Board here. However, they state on that page that investors typically don’t get their money back and recommend hiring an attorney. That’s what it might come down to.

  2. roger mason says:

    john acord is at the FDC Houston and will die in jail. this is his third federal felony.
    he destroyed the lives of many retired, elderly people. he is 71, and in poor health.
    he will never live long enough to serve the sentence he gets. february 2, 2014.
    you can write to acord at the FDC Houston.

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