Commodity Trading Scheme Rolled Up

(CN) - The principal and co-owner of a North Carolina investment management company pleaded guilty Thursday in a $3.2 million commodities trading scheme, federal prosecutors said.

Nicholas Cox, 34, pleaded guilty in Charlotte Federal Court to conspiring to commit mail fraud, conspiring to launder money and five counts of mail fraud.

Court records show that between September 2006 and January 2009, Cox and his co-conspirator, Rodney Whitney, also a principal and co-owner of Integra Capital Management LLC, defrauded investors in commodity trading pools that Cox and Whitney ran through Integra.

According to the indictment, Integra was established to pool commodity investors' money and invesg in commodity futures and foreign currency exchange trading.

Whitney pleaded guilty in March to conspiring to commit mail and wire fraud and conspiring to launder money.

Follow @davejourno

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit