A Mansfield man faces civil lawsuits from federal regulators on charges that he ran a nearly $11 million Ponzi scheme, in part to finance his son's racing company.
The Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission have sued Ray M. White, 50, and his company, CRW Management.
The commissions announced Thursday that a federal judge has appointed a receiver and frozen the assets of White and his company.
White is accused of raising at least $10.9 million from 250 investors and using the money to finance his son's auto-racing company, buy real estate and make Ponzi payments to earlier investors.
The SEC alleges that White told investors he was using the money for foreign currency trading and claimed returns as high as 8.1 percent per week.
The investors are spread across 22 states and were not aware that little of their money was going into foreign currency, the Fort Worth Star-Telegram reported.
White has never been licensed to sell securities, according to the Star-Telegram. He also did not tell investors he filed for bankruptcy in 2003 and 2006, the newspaper reported.
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The Associated Press could not locate a working number for White.
