U.S. Attorney Rebecca A. Gregory announced Friday that a 57-year-old Nacogdoches man has been sentenced for perpetrating a commodities Ponzi scheme.
George D. Hudgins was sentenced to 121 months in federal prison. He was also ordered to pay restitution of $70,864,679 to his victims. About 40 percent of that has already been collected and will be paid back to the victims.
Hudgins pled guilty on Sept. 9, 2008, to wire fraud, embezzlement and money laundering.