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Fraudster Targets 50 Investors in Tennessee
A local commodity trader has pleaded guilty to one count of wire fraud in federal court, bringing an end to a fraudulent commodities investment scheme that left 50 investors from around the United States with over $2 million in losses.
Donald Wray Rodgers, 55, operated an unregistered trading pool under the name Three Bridges Trading Fund in Memphis, Tennessee. The scheme involved Rodgers lying to investors about the money earned in the pool, providing them false fund performance statements and inflated investment returns.
According to court documents, Rodgers’ trades were causing the fund to lose value each month, and after less than one year in operation, Three Bridges Trading Fund was worthless. Rodgers’ criminal misrepresentations led his investors to lose over $2 million in the fund.
The FBI Memphis Field Office investigated the case, which has resulted in Rodgers’ guilty plea. He is set to appear before United States District Judge Thomas L. Parker for sentencing on March 21, 2024 at 1:30 pm.
Assistant United States Attorney William C. Bateman III is prosecuting the case on behalf of the federal government. Rodgers faces a maximum penalty of 20 years in federal prison, a $250,000 fine, and three years of supervised release.
The case highlights the importance of investors doing their due diligence before investing in any scheme. Rodgers’ actions demonstrate the devastating consequences of his actions, leaving a trail of financial devastation in his wake.
The Grimy Times will continue to monitor the case and provide updates as more information becomes available.
Key Facts
- State: Tennessee
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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