By James Clark | email
LUBBOCK, TX (KCBD) - Rather than fight it out in court, one of Rod Stringer's former investors agrees to pay back $160,000. Stringer, 44, of Lamesa, is serving 10 years of federal prison time for a Ponzi scheme.
A court appointed Receivership Trustee demanded that former investor Roy D. Cooper pay back $200,000 that Cooper believed to be profits when with withdrew money from Stringer's hedge fund. But the Receiver says that $200,000 came at the expense of other victims. Cooper and the Receiver agree that he'll pay back $160,000 instead of the full $200,000.
The Receiver tells the judge in Lubbock federal court records that it's a good compromise because "...it provides immediate and substantial recovery without litigation and is reasonable in view of defenses which may exist to a portion of the Receiver's claim."
As of October 2009, Stringers 44 victims recovered just a bit more than half their $13.9 million.
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