DVD Of Alleged Trading Scam Meeting - KTRE.com | Lufkin and Nacogdoches, Texas

5/23/08 - Nacogdoches

DVD Of Alleged Trading Scam Meeting

by Donna McCollum

This is George D. Hudgins as seen on a DVD produced by for his company, 3737 Financial Partners L.P. It's a video copy of the 2007 Financial Partners annual meeting held at the Fredonia Hotel. A narration comes over some photographs of people gathering in the banquet room. About 180 attended the dinner and presentation. The group presentation and face to face meetings gave Hudgins an opportunity to voice his projections to investors and persuade new ones. One announcement particularly pleased the crowd. Hudgins said,  " In the last quarter I will not charge any fees. The 20% we're used to paying in profit, we're not charged. "  a round of applauds comes from the audience.

Fourth quarter returns are illustrated on the power point presentation , along with up and down graphs. The returns were certainly enticing. Hudgins said,  " My family or partners or financial partners, that's where the bulk of our assets are. When we make a trade, I lose or make money in the same way depending on the amount of money we have. My eggs are in this basket and I watch the basket a lot. " Returns were up to 99%. Unrealistic according to many financial advisors. According to investigators with the U.S. Commodity Futures Trading Commission the returns are outlandish misrepresentations. It alleges the business was not making millions, but rather losing millions.

Yet Hudgins had gained the trust of individuals to invest at the minimum $150,000 in the commodity pool. One friend and client on the DVD explained to the group why he participated. The man said,  " Me and some others invested, not because someone recommended George to us, but because we know George and have confidence in him. "

Today Hudgins assets remain frozen. Among his purchases is this airplane. Construction crews were in the process of building a hanger for it at the Nacogdoches airport. When news of his financial troubles surfaced the construction crew walked off the job. Not as easy for investors who may have lost their life's savings.

Powered by Frankly