Man accused of running $11M Ponzi scheme

March 5, 2009 2:52:12 PM PST
A Texas man faces civil lawsuits from the Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission on charges that he ran a nearly $11 million Ponzi scheme. The commissions announced Thursday that a federal judge has appointed a receiver and frozen the assets of Ray M. White of Mansfield and his company, CRW Management. White is accused of raising at least $10.9 million from 250 investors and using the money to finance his son's auto-racing company, buy real estate and make Ponzi payments to earlier investors.

The SEC alleges that White told investors he was using the money for foreign currency trading and claimed returns as high as 8.1 percent per week.

The Associated Press could not locate a working number for White.

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