Saturday, 23 May 2015
Last updated 11 hours ago
May 24 2012 | 3:21am ET
The hedge fund partner of Texas Tech University football coach Tommy Tuberville has been arrested and charged with fraud.
John David Stroud was indicted on May 7 on 21 criminal counts, including unregistered sale of securities, fraud and theft. He was arrested on May 15 and posted bail the following day.
According to the Alabama Securities Commission, Stroud ran a Ponzi scheme at TS Capital Partners from 2008 until last year. Prosecutors say he stole some $5.2 million from investors to cover personal expenses.
Tuberville was not charged in the case; the former Auburn University coach was also not named by the Commodity Futures Trading Commission when it announced its investigation into Stroud in March. But he does face a lawsuit filed by TS investors, accusing him of commingling his assets with those of investors and of lying to clients.
For his part, Tuberville claims to be a victim of the fraud, saying he lost $450,000. Stroud has seconded the coach's protestation that he had little to due with the operations of the Auburn, Ala.-based firm.
Stroud is set to go on trial on Oct. 1.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…