Hedge fund scam preys on elderly

Rod Cameron Stringer has been a crop-dusting pilot, a bails bondsman, a used car saleman and now he operates a hedge fund or as the SEC, not mincing words calls it, “an investment scheme.”  Mr. Stringer requires clients to invest $100,000 to $200,000 for a long period of time.  His primary bank account shows he has deposited more than $8 million since January 2007 and yet the account currently holds $819,779.   He has prepared a written statement for one of his largest investors just last month claiming he has more than $45 million invested in a variety of funds.  The SEC’s professional opinon of these claims? They are “completely bogus.”

This is a civil complaint filed in Texas federal court but I hope that Mr. Stringer like Mr. Madoff, has been criminally charged as well.

Complaint courtesy Courthousenews

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