Ponzi Schemer Settles With CFTC For $86M

Law360, New York (April 2, 2009, 12:00 AM EDT) -- A federal judge has signed off on a settlement in the U.S. Commodity Futures Trading Commission’s case against self-styled futures trader George D. Hudgins that calls for Hudgins to cough up $71 million in restitution and a $15 million civil penalty for defrauding about 230 investors in what the CFTC deemed a Ponzi scheme.

Judge Leonard Davis of the U.S. District Court for the Eastern District of Texas signed off on a “consent final order” on Thursday resolving the charges the CFTC lodged against Hudgins in...
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