Lamesa Man Scams Investors Out Of Millions
By: Amy Montalvo
Updated: January 21, 2009
A Lamesa man is accused of scamming elderly west Texas investors out of millions, but now, he's been caught and is being sued by the federal government. 43-year-old Rod Cameron Stringern of Lamesa alledgedly operated an investment scheme called the RCS Hedge Fund. In the process, federal investigators say Stringer defrauded at least 31 investors of at least $8 million dollars and did so by advertising abnormally high short-term returns on investments, which lured people in. The SEC alleges Stringer used the money to support a lavish lifestyle, including building a pool at his office, financing a horse-racing partnership, and purchasing a boat and at least 6 expensive cars.
