Lamesa Man Pleads Guilty to Money Laundering Charges

Staff Report
NewsWest 9

A court forces a Lamesa man to fork over more than 7 million dollars in an investment fraud scheme.

43-year-old Rod Stringer pleaded guilty to money laundering.

He's now in federal prison.

Stringer admitted to running a Ponzi scheme for eight years.

He stole nearly 14 million dollars from about 44 people.

A little more than half of that has been returned to them.

Stringer used the cash to buy things like homes, businesses, and rental properties, even a vacation house.

He ran other businesses in Lamesa including a bail bonds company, a used car lot, and a tow truck business, but investigators say they weren't profitable.