Stringer admits to ponzi scheme in Lubbock federal court - KCBD NewsChannel 11 Lubbock

6/29/09

Stringer admits to ponzi scheme in Lubbock federal court

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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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1/21/09
Authorities Ask Court to Freeze Stringer Assets
Federal investigators asked the court to freeze the assets of a Lamesa man following the filing of a SEC complaint.

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