Nacogdoches, Texas Businessman George D. Hudgins Ordered to Pay Approximately $86 Million for Defrauding 230 Investors in a “Ponzi” Scheme Involving Commodity Futures and Options Contracts Ponzi scheme

Key facts

Release number

5641-09

Release date

2009-04-03

Type

Ponzi scheme

Primary source

https://www.cftc.gov/PressRoom/PressReleases/5641-09

About CFTC enforcement

The CFTC charges market participants under the Commodity Exchange Act for spoofing, manipulation, fraud, wash trades, registration violations, and commodity-pool-operator misconduct. Most actions settle with restitution + civil money penalty + a bar/suspension. Crypto-asset cases have been a major share since 2019.