Memphis, TN – Donald Wray Rodgers, a 55-year-old commodity trader from Collierville, has been sentenced to 51 months in federal prison for orchestrating a fraudulent investment scheme that resulted in more than $2,000,000 in losses for investors. The sentence was announced by United States Attorney Kevin G. Ritz.
The scheme, which ran from January to November 2022, involved Rodgers misleading over 50 investors across multiple states regarding the performance of his unregistered commodities trading fund, named Three Brides Trading. Rodgers fabricated monthly performance statements to falsely show the fund’s growth, despite its actual depreciation due to unsuccessful trades.
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Victims of the fraud varied widely in income levels, including bank executives and landscapers. The deceit was exposed in November 2022 after several investors attempted to call on their investments, only to discover that the Three Bridges Trading Fund lacked the necessary funds.
Rodgers entered a guilty plea for wire fraud on December 18, 2023. District Judge Thomas L. Parker delivered the sentence on March 21, which includes a 51-month term in federal prison followed by a year of supervised release. It is noted that there is no possibility of parole within the federal system.
The investigation was conducted by the FBI Memphis Field Office. United States Attorney Ritz expressed gratitude towards Assistant United States Attorney William C. Bateman III, who managed the prosecution, and the law enforcement teams involved in uncovering the fraudulent activities.
Source: Read Original Release
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