Plan filed to pay back victims of multimillion scheme - KCBD NewsChannel 11 Lubbock

10/24/10

Plan filed to pay back victims of multimillion scheme

By James Clark | email

LUBBOCK, TX (KCBD) - Victims of a Lamesa-based scheme stand to get some more of their money back.  Rod Cameron Stringer, 44, is currently serving a 10 year prison sentence, after he admitted misappropriating nearly $14 million.  Roughly half the money was recovered before Stringer went to prison last year. 

An attorney in Lubbock is acting as the court-appointed Receivership Trustee who is trying to recover more of the victims' money.  Court records say as of October 1st, 26 victims have claims worth $7.6 million and so far the IRS has not filed a claim. 

In court papers filed this week the Receiver says he has recovered $1,337,831.33 by selling off Stringers assets.  That total can go toward reducing the $7.6 million.

Additionally the Receiver writes, "The United States Department Of Justice is currently holding approximately $2,700,000 in funds confiscated in Stringer's criminal proceeding."

The Receiver requested the $2.7 million be turned over to the victims, and court records say, "This petition was approved by the Department of Justice on October 20, 2010."

If there is approval from the U.S. District Court Judge in Lubbock, the Receiver gets his fees first, followed by payments for secured tax claims, then government claims, then general claims and then late filed claims.

(CLICK HERE) to read the plan to pay back Stringer's victims.

Copyright 2010 KCBD.  All rights reserved.

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