Rod Stringer, a former car salesman from West-Texas was running a Ponzi scheme similar in some ways to that of Bernie Madoff's famous scam. However, the magnitude of the losses from Stringer's hedge fund is far smaller. The $45 million fund reported annual returns as high as 60%, a number the SEC claims is completely bogus.
Among Stringer's 31 clients were many elderly investors. The SEC notes that the location of the remaining funds is unknown at this time.