New York (HedgeCo.Net) – Hedge fund manager Ray M. White and his company, CRW Management, LP, have been charged today by the Commodity Futures Trading Commission of swindling at least $10.9 million from over 250 investors through an alleged Ponzi scheme.<\/p>\n
The complaint alleges that the Mansfield, Texas-based White, told investors their funds would be traded in the forex market and the strategy would reap returns of up to 416 percent annually. <\/p>\n
Instead, White and CRW pocketed millions of dollars to fund a rampant spending spree which included homes, cars, Dallas Stars season tickets and the sponsorship of a drag racing team.<\/p>\n
Out of the $10.9 million in initial capital they received, White and CRW used only $94,000 for forex trades. Ponzi schemes cease to work when new money coming in dries up; preventing the manager from paying back "returns" to anymore existing investors.<\/p>\n
Christopher White and Hurricane Motorsports, LLC are also named by the CFTC as recipients of a portion of these funds in which they are not entitled to. <\/p>\n
In the U.S. District Court for the Northern District of Texas, Judge Ed Kinkeade set the next hearing for March 11, while freezing assets and permitting the CFTC to seize records.<\/p>\n
Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net<\/p>\n
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New York (HedgeCo.Net) – Hedge fund manager Ray M. White and his company, CRW Management, LP, have been charged today by the Commodity Futures Trading Commission of swindling at least $10.9 million from over 250 investors through an alleged Ponzi […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[1004,8275,7860,540,8625,8619,1176,8624,1485,37,317,8622,733,8621,4248,6447,2195,8620,8623],"class_list":["post-10038","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news","tag-accredited-investors","tag-cftc","tag-commodity-futures-trading","tag-commodity-futures-trading-commission","tag-dallas-stars","tag-drag-racing-team","tag-dries","tag-forex-market","tag-futures-trading-commission","tag-hedge-fund-manager","tag-initial-capital","tag-mansfield-texas","tag-new-money","tag-northern-district-of-texas","tag-ponzi-scheme","tag-ponzi-schemes","tag-season-tickets","tag-spending-spree","tag-texas-judge"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=10038"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/10038\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=10038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=10038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=10038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}