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Member of multi-million-dollar tire sale ponzi scheme pleads guilty in federal court

Member of multi-million-dollar tire sale ponzi scheme pleads guilty in federal court

A member of a $50 million, multi-state ponzi pleaded guilty in a Columbus federal court late last year.

On Dec. 20, John Eckerd pleaded guilty to conspiring to commit wire fraud and tax crimes. Eckerd, who is from Dallas, was involved–alongside already-convicted defendant Jason Adkins, of Jackson, Ohio—in a tire sales scheme that netted him at least $14 million.

Federal prosecutors said Eckerd, Adkins and other members of the scheme convinced investors that they were involved in buying and selling off the road tires (tires used for mining and construction equipment).

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According to court documents, funds were not used in the buying or selling of tires, but instead were spent personally by Eckerd and others, or the funds were used to pay off other investors.

Eckerd has not yet been sentenced, but his pea deal included a recommendation of 39 to 109 months.

Want to read more? Check out our print publications, (614) Magazine and Stock & Barrel. Learn where you can find free copies of our newest issues here!

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