Rodney Wagner, Roger Wagner: Sentenced, 4 Years Each

Mar 14

Twin brothers Rodney Wagner and Roger Wagner were each sentenced on March 8 to four years in federal prison after pleading guilty to conspiracy to commit wire fraud in a foreign currency trading operation. The Wagners were also ordered to pay $1.9 million in restitution to 91 investors in the fraud. The sentence was imposed in the U.S. District Court for the Eastern District of Texas.

The Wagners controlled GID Group of Grand Prairie, promising investors returns of 200% on their principal invested in a foreign currency trading operation.  The brothers only operated a Ponzi scheme, paying early investors with funds from later investors. 

The U.S. Commodities Futures Trading Commission obtained a permanent injunction against the Wagners in 2013. The order found that the Wagners misappropriated investor funds in the GID trading operation.

The Dallas Division Office of the FBI and the Texas State Securities Board investigated the case, which was prosecuted by the U.S. Attorney's Office for the Eastern District of Texas.