Texas Man Gets 10 Years For $11M Forex Ponzi Scheme

Law360, New York (May 26, 2011, 4:58 PM EDT) -- A Texas man on Tuesday was sentenced to 10 years in prison for operating a Ponzi scheme through his company CRW Management LP that solicited at least $10.9 million from more than 250 investors, ostensibly to perform foreign exchange trading.

Ray M. White, 52, of Mansfield, pled guilty to one count of commodities fraud last June and was ordered by U.S. District Judge Ed Kinkeade to pay $9.4 million in restitution to defrauded victims.

"While White led investors to believe that his special expertise in trading foreign currencies would yield exceptional returns, in reality he was not a successful foreign currency...

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