Texas Hedge Fund Fraudster Pleads Guilty

``A Texas hedge fund manager has pleaded guilty to running a $14 million Ponzi scheme... Stringer, of Lamesa, allegedly told investors that the fund, which he said had $45 million in assets from 31 investors, had enjoyed phenomenal returns: Annual gains as high as 61% and total returns of more than 600%. Contrary to those grandiose claims, the SEC and Federal Bureau of Investigation say what little investing he did was a disaster, resulting in substantial losses.''