A Virginia commodity pool operator has been found guilty of defrauding investors. Ted James Johnson, of Pearisburg, was convicted of 37 counts following a three week trial for running an illegal commodity pool.

Johnson was found guilty of embezzling commodity pool funds, acting as an unregistered commodity pool operator, and other criminal counts, including mail fraud, wire fraud, money laundering and securities fraud.

In July 2007, Johnson and his partner, Frank Graham Farrier, were charged in connection with a multi-million dollar Ponzi scheme related to commodity futures. Earlier this month, Farrier pleaded guilty to mail fraud, conspiracy to launder money, securities fraud and being an unregistered commodity pool operator, and agreed to forfeiture of his assets.

The maximum penalty faced by Johnson and Farrier is 85 years imprisonment and a fine of more than $4.5 million.