Lamesa Man Pleads Guilty in Ponzi Scheme Case
By: Mitch Carr
Updated: June 29, 2009
On the day Ponzi schemer Bernie Madoff' was sentenced in New York, a Lamesa man plead guilty in Lubbock federal court to conning area folks out of millions. Court documents state that stringer defrauded investors of nearly $7 million in cash and goods while committing financial services fraud, mail fraud, wire fraud, and money laundering.
Rod Stringer, you could say, is the Bernie Madoff of Northwest Texas. Stringer is a Lamesa man who has been accused of operating a Ponzi scheme similar to that of Madoff.
Today, Stringer plead guilty to one county of felony money laundering. The maximum sentence for the conviction is ten years in prison and a $250,000 fine. Stringer will also be required to pay restitution for the millions bilked from investors.
