By James Clark | email
LUBBOCK, TX (KCBD) - The Rod Stringer investment fraud case is back in the news. Stringer, from Lamesa, was sentenced to serve 10 years in prison back in 2009 for charges related to a Ponzi Scheme. Now the court appointed Receivership Trustee in that case takes action against one of Stringer's former investors.
The Receiver filed a court complaint Tuesday in Lubbock federal court to force Roy D. Cooper to hand over $200,000. The complaint says Cooper invested $225,000 with Stringer between 2001 and 2004. The complaint also says Cooper was able to withdraw $425,000 from 2004 to 2008. While Stringer made it look like Cooper was making a profit, the reality was very different.
Cooper's gain of $200,000 came at the cost of other investors who lost money with Stringer. Court records says Cooper was "unjustly enriched thereby." As such the Receiver wants it back to offset losses by other "innocent participants."
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