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Rod Stringer of Texas sentenced to 10 years in prison for $7-million Ponzi Scheme. Stringer's mom pays the price for his ponzi scheme conviction.

10/04/09 - LUBBOCK, TX (KCBD) - Rod Stringer is not the only one paying the price for a Lamesa based, $7-million Ponzi Scheme. NewsChannel 11 reported Friday that Stringer was sentenced to 10 years in prison and while he is living in prison, his mom will be evicted from her home.

Jennifer Stringer agreed last week to give up possession of a $105,000 house in Dawson County that Rod Stringer purchased for her. She must vacate the house by the end of December. The house will be sold and the money used to pay back Mr. Stringer's former investors. She will not be charged rent and she must make the home available to show to prospective buyers.

http://www.newschannel10.com/Global/sto ... S=11256043

Rod Stringer sent to federal prison for ten years after admitting to defrauding more than 40 people of more than $7 million in day trading Ponzi scheme.

Man gets 10 years for Ponzi scheme that supported his life of luxury

10/03/09 - A federal judge on Friday sentenced a Lamesa man to 10 years in prison and ordered he pay more than $7 million restitution for operating a fraudulent investment scheme.

U.S. District Judge Sam Cummings sent Rod Cameron Stringer, 43, to federal prison for the maximum time, three months after Stringer admitted to defrauding more than 40 people of millions of dollars.

Stringer pleaded guilty to one count of money laundering in June.

He admitted to running a Ponzi scheme from 2001 to 2009, representing himself as a day trader and promising 50 percent returns.

He used the money from new victims to pay "returns" to previous investors, duping at least 44 investors in all.

Of the nearly $14 million investors paid in, Stringer kept nearly $7 million and admitted to laundering that money.

In a joint investigation by the FBI and Securities and Exchange Commission, Stringer was found to have laundered millions of dollars to support a life of luxury.

The investigation gathered evidence that Stringer used at least a portion of the ill-gotten money to finance a horse racing partnership, buy a luxury boat, build a swimming pool at his office, buy jewelry, pay off mortgages on at least two houses and buy several luxury cars and trucks, including a 2009 Cadillac XLR Roadster convertible valued at more than $83,000, according to court documents.

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