Grand Prairie brothers told to pay $2 million in Ponzi scheme

Posted Thursday, Feb. 07, 2013  comments  Print Reprints

Have more to add? News tip? Tell us

Two Grand Prairie brothers accused of running a multimillion-dollar Ponzi scheme have been told to pay more than $2 million in restitution and penalties under a federal court order issued Wednesday.

Rodney Wagner and Roger Wagner were accused in 2011 of taking at least $5.5 million from 99 investors, many of whom attended church with the men and were promised high returns on foreign exchange contracts.

According to the court order, the brothers instead sustained consistent losses on the $590,000 they put into trading accounts for their company, GID Group Inc.

The rest of the investors' money was used for the Wagners' personal expenses or returned to participants as "purported profits," the U.S. Commodity Futures Trading Commission said in a news release. It said the Wagners were never registered with the commission, which regulates U.S. futures and options markets.

The court order requires the Wagners and GID to pay about $1.37 million in restitution to investors and a $1.05 million civil penalty.

They are also permanently barred from further trading and registration.

The Wagners could not be reached for comment Wednesday. Listed telephone numbers for the men were apparently disconnected, and no listing could be found for GID. They were the owners and sole employees.

Jim Fuquay, 817-390-7552

Looking for comments?

We welcome your comments on this story, but please be civil. Do not use profanity, hate speech, threats, personal abuse or any device to draw undue attention. Our policy requires those wishing to post here to use their real identity.

Our commenting policy | Facebook commenting FAQ | Why Facebook?