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Lamesa Man Runs Ponzi Scam, SEC says

By: Allison Morrison
Updated: January 21, 2009
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The Federal Securities and Exchange Commission is suing a Lamesa man who's accused of running a Ponzi scheme.

43-year-old Rod Cameron Stringer alledgedly operated an investment scheme called the RCS Hedge Fund.

In the process, federal investigators say Stringer defrauded over 30 investors of at least $8 million and did so by advertising abnormally high short-term returns on investments.

The SEC alleges Stringer used the money to support a lavish lifestyle, including a pool at his office, a horse racing partnership, a boat and several cars.

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