President of American Friends of Jamaica (AFJ), Wendy Hart, says the charity has not been affected by activities carried out by alleged Ponzi Schemer Mark Jones, who served as a board member and treasurer of the New York-based organization.
Jones, who had conducted an investment firm providing bridge financing to start-up companies in Jamaica, was arrested last month for allegedly operating a $10 million Ponzi scheme from the bridge fund.
Hart said that when she joined the AFJ some four years ago, Jones was an existing board member and the treasurer. “However, as far as I can recall he had no sole signing authority on the organization’s financial transactions.”
A recent Caribbean News Now report suggested that “as treasurer of the AFJ, he [Jones] may have had signing authority or other direct or indirect control in relation to funds held by the AFJ.” Hart emphasized, however, that this inference was completely false.
Jones, says Hart, had only limited signing authority over the charity’s finances. When Jones’ legal problems became public, the AFJ board also severed relations with him, removing his name from the organization’s promotional material, including its website.
“The AFJ now no longer has any association with Mark Jones,” says Hart.
Jones, 64, a Miami resident who also had a home in Jamaica, was arrested last month on charges of operating a Ponzi scheme that defrauded some 21 investors. The scheme had promised a return of 15 to 20 percent annually to the investors, many of whom were retirees. It was also alleged Jones used portions of investors’ capital to cover his personal expenses.
Hart, however, assured supporters that the AFJ’s fundraising has been flourishing. Founded in 1982 by U.S. businesswoman Anne F. Sabo, AFJ was formed as a not-for-profit organization to assist Jamaican charities in the areas of education, healthcare and human and economic development. The AFJ recently held their annual Gala in Miami at the JW Marriott Marquis, recognizing the contributions of several members of the Diaspora to the community’s development.
Following the gala, the AFJ also awarded over JA$27.4 million in 53 discretionary grants to selected Jamaican organizations at an official awards ceremony at the U.S. Embassy in Kingston. During the course of the year, the AFJ reports that the charity has disbursed over JA$3.3 million in donor-direct grants. Grant recipients include the Early Childhood Center of Excellence, the HEART Institute, and the Cornwall Regional Hospital’s “We Care For Cornwall” fund, among others.
