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Rivas Employees Lived Large Before The Fallout
Post by cmfnewsman on Jun 2, 2008, 9:32am
For employees of Ooltewah currency trader Luis Rivas, it was fun while it lasted.
Rivas, who is facing an involuntary bankruptcy petition in Chattanooga and who has apparently disappeared, bought houses, expensive furnishings and fancy cars for the staffers he personally chose.
"You didn't go out and interview with him. He personally picked out the people he wanted working for him," said one local man, whose ex-wife was one of the chosen few.
The man said the ex-wife never told him much about her brief Rivas prosperity, but he picked up quite a bit from his sons, who also enjoyed the Rivas largesse.
http://www.chattanoogan.com/articles/article_129012.asp
Re: Rivas Employees Lived Large Before The Fallout
Post by cmfnewsman on Jun 3, 2008, 8:59am
An expedited hearing has been set in Chattanooga Bankruptcy Court on Friday morning after creditors of Ooltewah foreign currency trader Luis H. Rivas said they feared he is trying to flee the country.
Attorney Jim Fields said Rivas has closed his Chattanooga office, is not returning phone calls and will not disclose his current location.
The attorney for the creditors said, "He is believed to be in the process of liquidating his assets and leaving the country."
Judge John Cook agreed to the early hearing and set it for 9 a.m.
http://www.chattanoogan.com/articles/article_129069.asp
Re: Rivas Employees Lived Large Before The Fallout
Post by dangerranger on Jun 3, 2008, 1:23pm
Caught some ramblings about this clown at the Collegedale airport awhile back. The currency trading racket is not for the weak of heart. Anyone considering this as a pathway to riches should seriously give Las Vegas a try instead. It will be more fun, you get tons of comps, and your results will be about the same.
FBI Looking Into Rivas Operation
Post by cmfnewsman on Jun 4, 2008, 12:23pm
The FBI has been looking into the operation of Ooltewah foreign currency trader Luis H. Rivas, who allegedly bilked Chattanooga investors out of millions of dollars, a close associate said.
The man said the FBI first raided a Rivas headquarters in Spartanburg, S.C., then later agents showed up on Century Oaks Drive at Bonny Oaks.
Rivas, who has not been seen in a number of weeks, is facing an involuntary bankruptcy petition in Chattanooga. A hearing is set for Friday morning.
The man said his fiancee was hired by Rivas as a currency trader, and he was asked to help him video some of his seminars since he has a local film studio. He said he filmed a seminar held at the Chattanoogan hotel attended by some 80 people last fall. He said he later went along to video seminars at Tulsa, Orlando and Spartanburg.
http://www.chattanoogan.com/articles/article_129070.asp
Re: Rivas Employees Lived Large Before The Fallout
Post by cmfnewsman on Jun 10, 2008, 9:05am
A Panama City, Fla., man said former Ooltewah foreign currency trader made an abrupt departure from that city in early May with over $1 million in cash in his luggage.
Steve Buckalew, who sold Rivas his $4 million palatial house on the Gulf, said Rivas raked in over $2 million from local investors before "leaving in the middle of the night."
Investors in Chattanooga and elsewhere said they had a similar experience. Rivas has been forced into bankruptcy in Chattanooga, but he is nowhere to be found. The FBI is looking into the case.
Mr. Buckalew said he was introduced to Rivas near the end of March by a real estate friend, Brian Mack, who was helping Rivas find investors for his foreign currency system, which promised fabulous returns for those who trusted their money with him.
http://www.chattanoogan.com/articles/article_129468.asp
Re: Rivas Employees Lived Large Before The Fallout
Post by tnbear on Jun 10, 2008, 7:12pm
Greedheads all, this Rivas jerk, the people who worked for him and the folks who invested.
If it sounds to good to be true...
Re: Rivas Employees Lived Large Before The Fallout
Post by tsavodiner on Jun 10, 2008, 7:27pm
They ALL wind up in Chattanooga. Easy pickings.
Re: Rivas Employees Lived Large Before The Fallout
Post by rndyblck on Jun 11, 2008, 7:49am
What is with all the women Rivas knew? Is he allowed a harem in his beliefs?
Re: Rivas Employees Lived Large Before The Fallout
Post by cmfnewsman on Jun 11, 2008, 9:28am
Bankruptcy Judge John Cook has signed an order directing a string of banks to freeze accounts belonging to former Ooltewah currency trader Luis H. Rivas, who has disappeared after accepting over $30 million from investors in several states.
And a new legal action has been filed in Federal Court naming the banks as defendants as well as Rivas' wife, the young mother of his baby and the woman he has apparently run away with.
Also, a meeting of Rivas creditors has been set for July 10 at 2 p.m. in the basement of Bankruptcy Court.
Grey Steed, Knoxville attorney who was named interim trustee, has now been joined in the case by Chattanooga attorney Cara Alday in an attempt to seek return of some of the money taken by Rivas.
http://www.chattanoogan.com/articles/article_129543.asp
Re: Rivas Employees Lived Large Before The Fallout
Post by dangerranger on Jun 11, 2008, 8:59pm
I know that these people would inspire nothing short of total confidence in their ability to expertly navigate the plethora of pitfalls in the foreign currency market:
http://www.theforexproject.com/traders.html
Re: Rivas Employees Lived Large Before The Fallout
Post by kordax on Jun 11, 2008, 9:11pm
Great post, Danger. I have occasion to deal with a few dozen equity firms & they hardly hold themselves out on the web like these rubes & hicks -- it's like these guys with their teddy bear & heart-shaped cushion are pre-adolescent Animal House wannabes ....
Re: Rivas Employees Lived Large Before The Fallout
Post by dangerranger on Jun 11, 2008, 10:03pm
Here's a 60+ page forum that follows the scam just as it was unfolding right up until today:
http://nobsnetwork.net/no-bullshit-forex-blog/2741-forex-project.html
Looks like a scam from the word go.
Re: Rivas Employees Lived Large Before The Fallout
Post by elgusano on Jun 11, 2008, 10:41pm
FWIW, Ponzi's scheme started out legitimately.
Re: Rivas Employees Lived Large Before The Fallout
Post by cmfnewsman on Jun 19, 2008, 2:02pm
A bankruptcy trustee testified Wednesday that former Ooltewah currency trader Luis H. Rivas withdrew $1.6 million from a bank account just before the went on the lam.
Grey Steed, a Knoxville CPA and former FBI agent, said the money was withdrawn on May 21 from a SunTrust Bank account in the name of Rivas and Angie Jefferson.
He said, "Our restraining order was too late to get that money."
Investigators believe that Ms. Jefferson is on the run with Rivas, who authorities say took over $30 million from investors who were promised returns up to 60 percent a year.
http://www.chattanoogan.com/articles/article_129993.asp
Re: Rivas Employees Lived Large Before The Fallout
Post by dangerranger on Jun 19, 2008, 2:03pm
A fool and his money......