Thursday, 31 July 2014
Last updated 17 hours ago
Jun 24 2009 | 2:19am ET
A Texas hedge fund manager has been charged with defrauding investors of nearly $14 million.
The U.S. Attorney’s Office for the Northern District of Texas filed money laundering charges against Rod Stringer on Monday. The criminal charges come five months after Stringer was hit with a civil suit by the Securities and Exchange Commission, accused of running a Ponzi scheme and stealing money raised for his phony RCS Hedge Fund.
According to the SEC, Stringer used $2.4 million to pay off other investors and the rest to buy himself the finer things in life, including fancy cars, a boat, a horse-racing partnership and an office swimming pool.
Stringer, of Lamesa, allegedly told investors that the fund, which he said had $45 million in assets from 31 investors, had enjoyed phenomenal returns: Annual gains as high as 61% and total returns of more than 600%. Contrary to those grandiose claims, the SEC and Federal Bureau of Investigation say what little investing he did was a disaster, resulting in substantial losses.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…