Two years after being charged with operating a Ponzi scheme through his company CRW Management LP that solicited at least $10.9 million from more than 250 investors, ostensibly to perform foreign exchange trading Ray White on Tuesday was sentenced to 10 years in prison.
Law360, New York (September 29, 2011, 5:47 PM ET) — A Texas race car driver whose career was subsidized by his imprisoned father’s $10.9 million Ponzi scheme agreed to give up $322,000 in ill-gotten gains on Tuesday in a suit brought by securities regulators over the scam.
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Christopher R. White, whose father Ray is serving 10 years in prison for his role in the commodities fraud, contributed $8,000 to start CRW Management LP and maintained a 40 percent interest in the sham company, according to the U.S. Commodity Futures Trading Commission and the SEC. More here.