May 24

Ray M. White was sentenced to 10 years in federal prison on May 24 and ordered to pay $9.4 million in restitution.

White, a North Texas resident, had pleaded guilty to one count of commodities fraud in U.S. District Court for the Northern District of Texas.

According to the Stipulated Facts in the case, White, working through CRW Management LP in Mansfield, defrauded investors by lying about the trading of foreign currency contracts.

White lost money trading forex contracts and provided false return statements to investors. He also misappropriated investor funds or used the money to pay other investors as part of a Ponzi scheme.