NEW ORLEANS (CN) - George D. Hudgins lost $28 million and defrauded commodities futures investors by using their money to trade in his own accounts, and misrepresenting his business, the Commodity Futures Trading Commission claims in Federal Court.
The CFTC says Hudgins grossly misrepresented his business by, among other things, claiming to have a successful track record since 2000 "when, in fact, the commodity pool was not even in existence until 2004;" by "grossly inflating the total amount of funds under management and traded in the commodity pool," by "failing to disclose that Hudgins was trading pool participant money in his own personal trading account and not in any trading account opened in the name of the commodity pool," by "falsely representing the commodity pool's purported historical profitability, and grossly inflating any such profitability, when, in fact, Hudgins' trading in futures and options resulted in losses exceeding $28 million since December 2003."
Hudgins, of Nacogdoches, Texas, does business as George D. Hudgins LLC.
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