LUBBOCK, TX (KCBD) - The Lamesa man accused of stealing millions of dollars from investors in a ponzi scheme pleaded guilty in Lubbock federal court Monday. Rod Stringer, 43, pleaded guilty to one count of money laundering. He faces a maximum of ten years in prison, a $250,000 fine, and restitution.
According to court documents filed Monday, Stringer admitted that from January of 2001 to January of 2009, he ran a ponzi scheme in which about 44 victims invested almost $14 million.
Of that amount, approximately $7 million was paid back to some of the victims. But Stringer admits to defrauding these investors out of the rest of the money.
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