TYLER, TEXAS (CN) – George D. Hudgins defrauded investors of $29 million through an unregistered commodity pool, according to a federal class action. Among other things, he claimed his pool has a “successful track record” since 2000, though it did not exist until 2004, and Hudgins himself lost $28 million trading commodities, according to the complaint.
Hudgins lives in Nacogdoches, Texas.
Plaintiffs also sued the Rosenthal Collins Group, of Chicago, claiming it aided and abetted Hudgins to collect “gigantic commissions” as part of Hudgins’ “fraudulent scheme.”
Plaintiffs’ lead counsel is Bryan Forman.