Washington – U.S. regulators sued a used-car salesman from West Texas for touting a $45 million hedge fund that they said was actually a Ponzi scheme.
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Rod Cameron Stringer misappropriated millions of dollars from investors since 2001, the Securities and Exchange Commission said in a federal lawsuit filed in Lubbock, Texas. The resident of Lamesa, 60 miles south of Lubbock, said he generated annual profits as high as 61 percent, according to the suit.
“Stringer’s claims regarding the hedge fund and the high rates of return are completely bogus,” the regulator said in the suit. Besides running the fund, the agency said the 43-year-old worked as a bail bondsman, a tow-truck driver and a crop-dusting pilot.
Stringer, doing business as RCS Hedge Fund, managed money from 31 investors, many elderly, according to the SEC’s complaint. The location of the remaining investor money “is presently unknown,” the agency said. Some was spent for a pool at his office, a horse-racing partnership, a boat, and mortgages for at least two houses, it said.
Stringer and his fund weren’t registered with the SEC and he has never held a securities license, the agency said.
Here we go again, we are heading into a hedge fund crisis, actually they are responsible for the sub-prime crisis as well, as they are the once who bundled them as investments, then causing the collapse of the financial markets, and got us into this terrible economy……….finally the snack is showing its head, let the SEC shut down all hedge funds…..
stringer is a jewish last name
the first poster obviously does not know what a hedge fund is because they had nothing to do with sub prime, that fault is with the banks
It’s incredible to me how someone so obviously unsophisticated and unqualified was able to convince people to entrust him with $45 million.
What bothers me is, why is the SEC and others suddenly making public this info?
Can they please warn us ahead of time which Funds and Investments are a sham?
Now they’re closing the barn door?
all investments are a scam
how could you think that someone else is going to care about your money?
if you have a business, own business, you know that if you are not there or monitoring , it doesn’t work, now how could you think that giving your hard earned money to someone else, is going to be different?
if you have money, help your kids to put a business, buy property that you manage in times or places whenn is low.Buy low, sell high
1/3 in properties. 1/3 in chash. 1/3 in your business
don’t trust anybody with money
If I promise you a 10% return on your money, and give you your buddy as a satisfied referral, how many of you would do the due diligence necessary to know whether in fact I invest money, where, how and when?.
You like better than average returns.
I establish a good track record based on initial flow of investments (realy loans) and the game is on.
you go with your heart not your head.
as 99% of investors do..