November 24, 2008 by FX_Angel
Are you from those movie admirers? If you are, so when was the last time you went to cinema? Don’t be worry, the last movie has finally came. But there is a surprise here, you haven’t to go to the cinema and reserve a ticket! because it will come to you wherever you are! Can you believe this? You can open your mail now and see.
The movie scenario will be sent to you and here you are the movie cast:
Location: FPA website
The author: Felix
The criminal: Felix
The victim: You
The director: Felix
And here you are the scenario as it is sent by Felix (the movie creator):
“This is Felix writing. I am a full time forex investor and the founder of Forex Peace Army. I have something very important to share with you that can either MAKE OR BREAK your forex learning and your forex trading success.
Running ForexPeaceArmy.com website for the last few years has been a very interesting experience, because it has made me realize all the corruption that’s going on in the forex world.
It’s by far the most corrupt industry I ever encountered. I can’t even tell you how many times I have seen brokers, big and small, refusing to release profits to traders, or outright stealing their money by registering fake losing trades on their account.
There are also have been many occasions of forex signals companies reporting fake performance.
There are companies who sell forex software that doesn’t work, and they know it, so every few months when the word gets around, they repackage it and change the label of that software, and continue selling it, as if it’s something new.
Forex Peace Army has a very large membership base, and we get lucrative offers from companies large and small all the time, offering us 50% of the profit in their business and more, just so that we could recommend them.
It would be very easy money for me to send you such offers every few weeks. Let these companies do the work, and I can collect the hassle free check from them. I refuse to do it, because I have a very critical mind, and lots of forex experience, so I see right through all the bullshit that these companies try to offer.
Some of them are even ranked 4 or 5 stars by Forex Peace Army members, but I find that many people leaving reviews are very naive, because they don’t judge the company by the amount of money they made with their product. Instead, they judge them by the charisma of their educator.
Over the last few years, I personally started several “forex education” services. I even ran one of them myself. The common trait between all the services I started was that the educator was giving live trades to people, and he was explaining the reason for his trades. This way the performance of the educator was pure and legitimate, and people could learn by example instead of by some bullshit forex theories. In addition to that, the people could make money by copying the educator’s trades, while they learned the ropes.
To be quite honest with you, there has always been a problem offering such services to people. The problem was that the educators running these services, including myself, were full time traders, and had the luxury of watching the market around the clock, anytime they wished. But the people that were signing up for the services had other jobs, and had lots of trouble finding time to follow the educator consistently.
In August 2008, something very interesting happened. I was talking to a friend of mine, who like me, has been trading forex for a very long time, and who mostly has been making his trading decisions based on economic news that come out from different countries. We were just talking, and I casually was asking him how much money he has been making, how much time he has been spending, what his average winner and loser have been. So he started giving me all of his statistics, and to be quite honest, I thought that he was bullshitting me.
Since we were friends, I told him that I think he is full of shit, and I don’t believe his statistics. So he felt offended, and gave me login and password to his live account. I looked at his real account statements, and realized that the guy was telling the truth. I wasn’t impressed with the guy’s account size, it was a little over $100,000, and most successful traders and investors that I know manage millions. But the point was that his trading statistics, in terms of the results for the amount of time he was spending trading were the best I’ve ever seen. They were much better than my own.
So I told the guy that we can really capitalize on his amazing trading skills, and he can very quickly build up his trading account by sharing his trades with other people, and teaching them the way he trades. He agreed to give it a shot, and I let him issue his trades and explanations in one of my live online conference room in front of around 50 people. What can I say…over the last two months, the room attendance increased from 50 to 100 people, simply because people started telling their friends about this guy.
This guy started sharing his live trades and education in front of people since September 3, 2008, and through November 12th, 2008, he is currently up 2164 pips. But that’s not the best part. The best part is that he only trades from 2:00 am to 3:45 am New York Time, and then from 06:00 am to 07:45 am New York Time. 70% of his trades happen between 2:00 am to 3:45 am NY Time, and the other 30% happen from 06:00 am to 07:45 am NY Time. So it’s only 1 hour and 45 minutes per session.
And like I said, this is not just another black box signals service. Every time the guy places a trade, it’s mostly based on market sentiment, and economic situation of the countries. So every time a trade is placed, an explanation is given. This way you only place trades if they make sense to you, and you learn to do what he does. He holds nothing back, so you can go ahead, and learn the ropes from him, and then do the same thing on your own.
He types in the online conference room every trade, and every explanation, and we keep records of that in the members area, so if you ever miss a trading session, you can go back, and check what happened.
As I like to say, money talks, bullshit walks. So I am not going to “pump you up” to try or to buy this service. All you have to do is see detailed performance of this guy, and “pump yourself up” if you wish. I am going to give you a link to the performance, and you will see that there is an offer to try this service for $29 for 10 days. Don’t click those trial buttons, because since you are a Forex Peace Army member, I wanted to let you try the service for 10 days for only $7, instead of $29. And if you like it, you can stay for $299/month after your trial. If you don’t like it, you can even ask for your $7 back. Obviously I am not interested in your $7, as much as I am interested that you see for yourself that everything I told you in this email is true, and you can become a member of this service for $299/month.
So here is the performance link:
http://clicks.aweber.com/y/ct/?l=4vVdO&m=1eWJRRpQH_6wi9&b=rKXZBZwTyu4LE7P5vK5h4g
As you read through the website, you will notice that we keep this trader’s identity secret. We just call him “Mr. X”. There are important reasons for this, but I don’t think it’s important for me to tell you those reasons.
Also, some of the people who have been trading with Mr. X over the last 2 months have submitted reviews. So if you wish to get their perspective on the situation, you can read them here: http://clicks.aweber.com/y/ct/?l=4vVdO&m=1eWJRRpQH_6wi9&b=tho.u7LEabBAhqXz940IlA
Okay, I think I have told you everything I wanted to say in this email. The only thing left is a $7 special trial link. DO NOT CLICK ON THIS LINK just yet. Let me first tell you the way it’s set up. I only want Forex Peace Army members to sign up for this discounted trial. So, this link will expire this Friday, November 14th at 11:00 pm NY Time. In addition to this, this link is programmed in such way that as soon as you click on it, you will have 30 MINUTES TO SIGN UP. After 30 minutes, the link will expire, and you won’t be able to access it through your computer again.
So make sure that if you want the $7 trial, you are ready to pay with your credit card within 30 minutes. Please also note that the way the trial is setup, is that after 10 days, if you don’t cancel it, you will start getting billed $299/month automatically. So if you don’t like the service within 10 days, make sure to contact us through the form on fxnewswiz.com, and request cancellation of your membership.
If you wish to receive your $7 back, you can also mention it in your request. Of course, if somehow you forget, and you are late a few days to cancel the trial, so you get billed $299, we will refund you that fee. My intention is not to get money from accidental forgetting here. My intention is to find people that can trade during these times, so that they become legitimate members who actually use the service.
Okay, that’s all I have to say about that…here is the $7 trial (it will expire in 30 minutes after you click on it, read above)”
Woow..woow…woow, it is so impressive. Did you see how it is written in an impressive way? What A wonderful Forex Community! Is there any doubt about it?
For Sure after reading that mail, all of us have to remember the old movies and notice the new scenes and affections that Felix has added in his long movie that will end with a big SCAM! 30 minutes and this post will make a BOMB. SO be careful while reading to avoid BOMBING there.
In commenting on this scenario, you can categorize this story under a fairy tale or a science fiction story where there are a lot of non- logical events and it is very far from reality. After reading this mail well, how you can believe that Felix got the login and password of a live account of a friend of him. Even if he was his friend, how this friendship can reach the limit of denying personal rights to the extent that he gave him the login and password of his own live account, and for what?
For Felix not believing him. A worse action for a worse cause! And imagine what? After Felix getting amazed of his friend statistics, he helped him to become instructor and famous too! And all what Felix wants is the benefit of all people that he makes them offer (you can think it is free) to try the service of his friend (which was Felix’s idea) for $7 and get them back if you didn’t like it! And besides, if you don’t request them in your mail (and he used the term “if you wish” which is so ironic, and we all know that the expression “wish” indicates the two possibilities) of ending your membership in the service, they will start bail you of $299 automatically!! So, people please, please don’t forget mentioning your $7 please, instead you will lose them forever and will be obliged to pay the double of 5 times double of them.
But what about you? will you accept the role of victim or will you leave this role in this new movie and lose the chance to become a movie star and may be taking the Oscar too for playing the role of the fool who is fooled by the biggest criminal mind in the web! I think when issues come to money, you have to think more than twice.
Posted in Forex Awareness, Forex Fraud, Forex Scam, ForexPeaceArmy.com | Tagged Felix, felix mail, forex Forex Peace Army, Forex Signals, trading account | Leave a Comment »
November 24, 2008 by FX_Angel
Experiencing Forex trading is not easy to consider yourself that pro in a short time. And to have a good knowledge of the market and its components, you deserve to have a long time of experience to be fully aware of what may affect he market. And above all, it is important to be aware in cases like Forex brokers reviews, like those in Forex Peace Army. To know what to believe and what not to believe.
Among FPA scam cases, there is that story of Sigma Forex broker. First, the story starts with Felix claiming that SigmaForex and ForexGen are the both under different name. Then, he gradually runs to the stage that SigmaForex is linked to ForexGen. And at last, the story is concluded, as usual, with a scam case of stealing one of their client’s money.
And here you are the story in brief,
FPA scam investigations committee has received a complaint from someone called, Hossam Park. He was a client at Sigma Forex who opened an account with $2500 and after making profits, Sigma Forex refused to withdraw his money, and suspended his account and, moreover “ceased communicating with him”. The reason FPA mentioned why Sigma Forex has suspended Hossam’s account was that “they changed their margin requirements on September 19th and that the trades were closed due to these new requirements. They said “our aim was to protect our account holders from any danger that may affect their investments.”
The only comment should be written here is ‘No Comment’. How a broker could change part of its policy and close all the trades without any concern of the traders or any alert for them. How can a broker ignore its clients easily and damage its business in this simple way. And what is really amazing here is that Sigma Forex could close Hossam’s positions at the same price he got profits but this time he was losing. Oh, the luck was really so close to the broker that in two days they could make their client’s profit turn into loss at the same price, meaning as if he didn’t make profits at all.
Then, FPA ended the case or the story with a happy end this time. Seems like the director, Felix, wishes to make a happy ending movie this time, getting bored of all black ends done before. At last, Sigma Forex returns Hossam’s money back and they are healed by FPA committee. Impossible as it is, isn’t it? For the first time some one claimed to be scam becomes pure at the end!
This is significant in itself. First, FPA tried to show that a certain broker is a scam and published its case and let it under investigation. Then, after spotting light on it, they absolved it from being scam. A clear direct propaganda for themselves and it is clear in the comments made there, all members made the comments are praising FPA and Felix. They are trying to prove that they are the eyes and hands of justice, that whenever the opposite of something is proved they will admit it if it is against their will. Innocent as they are! But in the side scene, their dark ethics are glowing.
Posted in FOREX BASTARDS, Forex Awareness, Forex Fraud, Forex Scam, ForexPeaceArmy | Tagged Felix, Forex brokers reviews, forex trading fraud, FPA scam cases, Sigma Forex | Leave a Comment »
September 10, 2008 by FX_Angel
The Scorpions did not have a legislative mandate to probe foreign exchange offences, the Cape High Court was told on Tuesday.
The court is hearing an application against the unit by Cape Town businessman Gary van der Merwe, who was arrested at Cape Town International Airport in 2004 as he tried to take just about R1-million out of the country.
Though the arrest was carried out by a border control policeman, Van der Merwe said in court papers that the Scorpions were actually behind the arrest, and that they had been driving the investigation against him.
He said this was outside the unit’s legislative and operational mandate of dealing with national priority crimes, and asked for an interim order to that effect.
He also asked the court to declare the foreign exchange charge, and another of defeating the ends of justice, unlawful and unconstitutional.
Van der Merwe said senior Scorpions investigator Phillip Haywood had been pursuing an “unmandated, over-zealous investigation against me”.
He said virtually every postponement in the case since his arrest had been handled by Scorpions prosecutors, rather than staff of the provincial directorate of public prosecutions.
Among the court papers on Tuesday was a letter from Western Cape director of prosecutions Rodney de Kock dated last week, saying that he had decided “solely in the interests of justice” to appoint a member of his staff to conduct the prosecution in future, rather than the Scorpions.
In replying papers, Haywood said his role in the forex case had been “limited to co-operating with other law enforcement agencies by providing them with information and assisting them by identifying [Van der Merwe] to [a] SARS (Custom) official. My contribution to the forex case was certainly not conducting an investigation”.
Argument in the matter continues on Wednesday.
The Scorpions are also investigating separate allegations of fraud, theft and contraventions of the Companies Act against Van der Merwe.
He was arrested in that matter in October 2004.
He is out on bail. – Sapa
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Posted in Dmitri, FOREX BASTARDS, Forex Awareness, Forex Fraud, Forex Scam, ForexBastards.com, ForexPeaceArmy, ForexPeaceArmy.com, SECREAT FOREX SOCIETY | Tagged felix forex forexbastards peacearmy scam rashid tahir | Leave a Comment »
September 10, 2008 by FX_Angel
Businessman challenges Scorpions
Independent Online, South Africa - Sep 9, 2008
My contribution to the forex case was certainly not conducting an investigation”. The Scorpions are also investigating separate allegations of fraud, …
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Telltale Signs of a Forex Trading Scam
Corsavoo.com, France - Aug 22, 2008
Formerly a domain of banks, hedge funds, and large financial corporations, the forex market has become more accessible to individual traders. …
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Alleged scam costs firm
Knoxville News Sentinel, TN - Aug 30, 2008
The Fox and Farmer law firm has filed 10 separate claims in US Bankruptcy Court totaling $3953000 against The Forex Project of Chattanooga and its owner, …
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New Vision |
Forex boss gets 3 years over fraud
New Vision, Uganda - Aug 24, 2008
By Edward Anyoli ROOPESH Dhilrajlal Solanki, the former manager of the defunct Lannex Forex Bureau, was on Friday jailed in Luzira prison for embezzling …
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Forex boss gets three years for fraud
Legalbrief (subscription), South Africa - Sep 1, 2008
Roopesh Solanki, the former manager of the defunct Lannex Forex Bureau in Uganda, has been jailed in Luzira for embezzling $148 000. …
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Accountability Diary
The Post, Pakistan - 21 minutes ago
Still Rich: A court postponed hearing in a reference against directors of Still Rich Forex Company including ex chief executive Chand Pervez till Sep 23 for …
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Accountability Diary
The Post, Pakistan - Sep 9, 2008
NAB accuses Cheema and others of running an illegal banking business through M/s Skaf Forex and of Rs 13.44 million fraud.
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Forex Education: How To Make The Right Choice
3×24 – Your Newspaper and News Magazine, Germany - Aug 25, 2008
There are companies that are waiting to take advantage of your inexperience and scam you, but there are legit companies out there that you could benefit …
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Accountability Diary
The Post, Pakistan - Sep 7, 2008
NAB accuses Cheema and others of running an illegal banking business through M/s Skaf Forex and of Rs 13.44 million fraud. UC Ex-Chairman: A court will …
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Retail FX Grows Up
Forex Factory - Aug 29, 2008
And now, with stock markets in retreat and daily profit warnings, forex can offer just that,” he says. According to London-based consultancy Client …
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Forex Robots
TradeTNT.com, Switzerland - Aug 21, 2008
You may hear that these Forex robots are a scam, but there are reputable ones that have been put through their paces and have traded money for their owners …
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Accountability Diary
The Post, Pakistan - Aug 20, 2008
Sheikh Ayub: A court postponed hearing in a forex scam reference against accused Mohsin Ayub and his father Mohammad Ayub till Sept 2 for recording of …
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Accountability Diary
The Post, Pakistan - Sep 8, 2008
According to the prosecution, accused Zulbijaz and his accomplice Shahid Hassan Awan, being directors of a forex company, misappropriated a sum of Rs 33 …
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SEC files suit against Royal Forex, owner
Dallas Morning News, TX - Aug 22, 2008
The SEC filed suit Wednesday against Patrick H. Haxton and his company, Royal Forex Management LLC. The suit alleges that Mr. Haxton and his company’s Web …
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Systemic Distrust and GATA Gold Conspiracy Hype
The Market Oracle, UK - Sep 4, 2008
And that authority was not to manipulate the price of gold, but rather to stabilize (manipulate) Forex markets. September 1999: The Washington Agreement on …
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Accountability Diary
The Post, Pakistan - Sep 3, 2008
Money Marshal: A court postponed the hearing in a case against Major (r) Nisar Ahmad and Imran Atta, directors of Money Marshal, a forex company, …
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Forex kitty
Calcutta Telegraph, India - Aug 16, 2008
Mumbai, Aug. 16: The country’s foreign exchange reserves fell $5.46 billion to $300.01 billion for the week ended August 8 from $305.47 in the previous week …
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Accountability Diary
The Post, Pakistan - Aug 28, 2008
Kashif Iqbal: A court postponed the hearing of a reference against Kashif Iqbal, director of M/s SKAF Int’l, a Forex company, till Sep 18 after recording …
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CFTC’s New Task Force Targets Forex Fraud
Smartmoney.com - Aug 11, 2008
“Not only do forex fraudsters prey upon unsuspecting citizens, but their illegal activities taint the reputations of those working honestly in the futures …
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Why agriculture has suffered?
The Post, Pakistan - Aug 15, 2008
That very man was subject to a fist fight with the Chief Secretary of Punjab and was later on implicated in one billion rupees scam that the Punjab …
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Accountability Diary
The Post, Pakistan - Aug 21, 2008
Money Marshal: A court postponed the hearing of a reference against Major (r) Nisar Ahmad and Imran Atta, the directors of Money Marshal, a forex company …
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Accountability Diary
The Post, Pakistan - Aug 26, 2008
Money Marshal: A court postponed hearing in a reference against accused Major (r) Nisar Ahmad and Imran Atta, directors Money Marshal, a forex company till …
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Stock Market
Forex Hound, NY - Aug 19, 2008
(If you cannot read the capcha, refresh the page) The comment will be reviewed by the Forex Hound Team before it is posted. Trading foreign exchange on the …
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Институцията “Интернет”
Политика, Bulgaria - Aug 28, 2008
Разбира се, има и сайтове, които не плащат – те се означават като SCAM – мошеници. Повечето PTC сайтове разполагат и с paid to click секция, в тази секция …
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Posted in Chavkerov, Dmitri, FOREX BASTARDS, Forex Awareness, Forex Fraud, Forex Scam, ForexBastards.com, ForexPeaceArmy, ForexPeaceArmy.com, SECREAT FOREX SOCIETY | Tagged google news forex scams | Leave a Comment »
June 30, 2008 by FX_Angel
The following news wire just hit the web, ForexPeaceArmy supported this Pakistani forex criminals fooling hundreds of novice traders with the promise of high profits based on FPA sigmals. Read belowBy Bureau report
6/17/2008 |
| PESHAWAR: An accountability court Monday issued non-bailable arrest warrants for Forex Services International Private Limited company director, Muhammad Zeeshan Ali, allegedly involved in a multi-billion-rupee scam.The accountability court judge, Khalid Bacha, issued arrest warrants for the accused. During a previous hearing in the case, the same court had issued non-bail able warrants for Shoaibullah Cheema, one of the directors of the Forex Services International.
Earlier, Peshawar High Court (PHC) had granted him bail but after that he remained absent from the proceedings at the accountability court. This led to issuance of his non-bail able warrants.
Shoaibullah Cheema and other directors of Forex Services International had reportedly collected more than Rs185 million from 450 people in the Punjab and NWFP through International Stock Exchange on the promise of high profit.
They misappropriated by acquiring property in their own names. NAB initiated an inquiry and started recoveries by freezing and liquidating their assets. On October 28, 2005, the same court had extended his physical remand for another 14 days. During investigations, it was disclosed that the company had more then 4,000 depositors in Peshawar amounting Rs70 million. |
Posted in FOREX BASTARDS, Forex Awareness, Forex Fraud, Forex Scam, ForexPeaceArmy, SECREAT FOREX SOCIETY | Leave a Comment »
June 28, 2008 by FX_Angel
If you get email, sent to millions of people in the last few days, you are subject to a new fraud attempt from Rob Grespinet and Felix Homogratus. Take care:
To Learn Forex Trading was not as easy as these days . Forex Trading as
Other trading systems has some secrets which you should know to trade
successfully without loss . Read this article carufully till the End to
Learn these Secrets which other forex traders has discovered .
Until last month, I had no sympathy for trade in currencies. It always
said to be “smart trade”, people with a degree in mathematics, during the
modern enterprise, and a good understanding of the global economy to take
decisions on information in trade. These people have used profit-Crazy
sums of money.
But my wish is to learn their SECRET to enter this world, as Forex market
has really opened up new possibilities for all people to participate in
trade. There are several reasons why this is the case. Firstly, it is
possible that the foreign exchange market with a small sum of money to
work in . Secondly, the currency market is open 24 hours a day, five days
a week. This gives you an excellent opportunity to buy and sell foreign
currency at any time of day or night.also, An average of 3 trillion
dollars a day turnover, was arrested FX largest commercial market in the
world.
If you intend to participate with the Forex market, you must do so through
a broker. When people trade in all markets in the past, do so to define
their intermediaries and the positioning of orders. Often their
intermediary would be made available in an opinion that is necessary for
them to make a commercial success.
The Internet has truly changed what happened, and now you can buy and sell
foreign currency easier. The only thing to do is go on the website, do your
work and the trade made immediately. this avoid you a lot of time necessary
to make the first, which makes it a much better method. As you will see,
there are also software that will take care of it for you.
But, this information already known to most of us, What is the SECRET?!
There are a number of good automated forex software that can help you make
decisions about changes in the market. Looking at a variety of trends and
make some statements speculation, these automated systems are always very
good to help us making successful trades on a regular basis. These
automated systems trade for you from start to finish. This is one of the
fastest ways for you to trade and is also an excellent way for you to good
decisions on a regular basis
Posted in Dmitri, FOREX BASTARDS, Forex Awareness, Forex Fraud, Forex Scam, ForexBastards.com, ForexPeaceArmy, ForexPeaceArmy.com, SECREAT FOREX SOCIETY | Tagged 1-forex.com, 123forexinfo.com, 1world-forex.com, 20method.com, 2forex.50webs.com, 4x-course.com, 4xcampus.com, 4xcharts.com, 4xeducation.blogspot.com, 4xfindme.com, 4xmadeeasy.com, 4xmadeeasyworkshop.com, 4xsignals.com, 4xtraderinfo.bravehost.com, 9forex.com, aab-trading-system.com, aab-trading.com, ablesys.fxcm.com, abwatleyfx.com, ac-markets.com, actforex.com, actionforex.com, activeforex.be, activtrades, adampecherski, addictfx.biz, advancedriskadvisors.com, advanzteam.com, advisedtrading.ch, affiliate-forex.com, affiliatescreen.com, aforex.com, aimstrading.com, akdtrade.com, akforex.com, alaronfx.com, alertfx.com, allcurrencytrading.info, allforextrade.com, alpari, alpari-idc.com, alterforex.com, amazon.com, amifx.com, analyticalq.com, anjar-trading.com, apackardtrading.com, apexfxtrading.com, api.efxnow.com, 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June 28, 2008 by FX_Angel
Better Business Bureau officials said they have received numerous inquiries regarding a business operating under The Forex Project and Luis H. Rivas.
The BBB “advises anyone who may have invested in the Forex Project to contact their attorney for advice on what action they may need to take in an effort to recover their money. The investor is also advised to provide their name and information to FBI agent Jim Lannamann at 864-948-1497.
“The Forex Project invested in foreign currency exchange trading. This type investment is a high risk model of trading opportunities.”
The Better Business Bureau offers the following warning signs of fraud to those who are considering foreign investment opportunities also know as forex trading.
“Too Good to be true” claims. Quick and high interest returns on an investment is a red flag.
Offers that predicts or guarantees large profits.
Offers that promise little or no risk.
Pressure to invest funds that you cannot afford to lose. Pressure to use home equity funds is an example.
Unwillingness to provide a performance record.
Reluctance to provide credentials or background information.
Jim Winsett, president of the BBB serving Southeast Tennessee and Northwest Georgia said he advises that prior to purchasing a Forex investment, check whether the company is registered with the Commodity Futures Trading Commission, (www.cftc.gov) or is a member of the National Futures Association (www.nfa.org). You may contact the BBB at 423-266-0396.
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June 26, 2008 by FX_Angel
Arizona Officials In 1988 Warned That Rivas Would “Take The Money And Run”
Luis H. Rivas when he was arrested in Arizona in 1988 and recently in Chattanooga |
ForexPeaceArmy latest forex scam, in partnership with the famous con man Rivas. Investors who handed over more than $31 million to Luis H. Rivas while he was headquartered in Chattanooga for the past year had no idea they were dealing with a slick con man who Arizona officials had figured out back in 1988.
Phoenix, Ariz., prosecutor John R. Evans, at a time Rivas was stealing peanuts compared to his recent run, said Rivas was “an excellent scam artist. He can be very convincing on a variety of subjects. He can take people’s money with no ability to perform on his promises. The man can earn a great deal of money through his words.”
Prosecutor Evans said Rivas “has a tremendous talent for creating false appearances. If he is allowed to use his talent, people’s hard-earned dollars and false hopes will fill his coffers.
“The defendant has used his talent since 1985 in Illinois. He moved to Florida and used his skills until 1988. His crimes in Arizona started in August 1988 and were stopped Nov. 22, 1988. It is time that his crimes were stopped for as long as possible.”
Prosecutor Evans noted that Rivas “already had one period of probation in Florida, which did not change his approach to life.”
Michael L. Goss, Rivas’ probation officer, said, “The defendant certainly appears to exhibit a pattern of fraudulent behavior. Although this writer would certainly agree that the defendant is highly intelligent, he would very likely be very successful if his talents were used legitimately and legally. This writer has great concern for the victims, who suffered significantly not only by the defendant’s actions, but also by their failure to recognize the defendant’s actions as illegal.
“Based on the number of victims in this case as well as the defendant’s prior criminal history, this writer sees no reason that the defendant should be granted leniency in this case.
“Obviously, the defendant was not impacted by his placement on a previous probation grant, but alternatively became involved in a series of offenses of a much greater magnitude than those in which he was previously involved.
“This writer views the defendant as a very dangerous individual in the sense that he is able to talk his way into just about anything.
“It is this writer’s opinion that the defendant preys on individuals who are not well versed regarding certain financial matters and, by the time the victims realize what has happened, the defendant is long gone.”
The probation officer said Rivas told him he had enrolled at the University of Maryland in 1974 and obtained a bachelor’s degree in philosophy and mathematics. A check was made with Amy Elzeldin at the University of Maryland records office. She searched through the university records from 1970-1983, including a check of attendance at an overseas class. No Luis H. Rivas.
John Stahl, the detective assigned to investigate Rivas in Arizona, recommended that Rivas, who was then 35, be sentenced to the maximum term. He said he felt that Rivas “manipulated the victims and misrepresented himself at the outset of the initiation of Golden Dawn Financial.”
The detective said Rivas “never intended to fulfill any terms of his ‘contract’ and his intentions were evidenced by several attempts to vacate his residence, disconnect his phone and leave no forwarding address.”
He described Rivas as “a slick individual who may very well have been a success if he used his knowledge and skills in a legal, legitimate business as the defendant is quite convincing and knowledgeable regarding numerous financial matters.”
Det. Stahl said he felt Rivas “preyed on desperate people.” He cited the fact he had been involved “in similar scenarios in Chicago and Miami.”
He felt that Rivas “has made a practice of misrepresenting himself – fraudulently accepting money from people with no intention of providing any legitimate service and ultimately moving to a different area to start the cycle over again.”
Saying Rivas presented a high risk to continue pulling off scams, he recommended that Rivas be imprisoned for the maximum term.
Authorities in Chicago were also looking for Rivas in 1988 for a scam he pulled off there. He had gone from Chicago to Miami, and he got into similar trouble there.
Rivas was finally nailed after running an operation for just a few months in Arizona and was given a 10-year state prison sentence. Rivas emerged from prison around 1995 and showed up in Chattanooga last year offering investors amazing returns that he promised he would earn through his knack for foreign currency trading.
Rivas is now on the run after suddenly closing the Bonny Oaks office in mid-May and pulling $1.6 million in investor funds out of a Chattanooga bank.
Born in Puerto Rico in 1953, Rivas was raised at Cambridge, Mass., then returned to Puerto Rico when he was 18. His parents, Luis and Anna Rivas, had a stable home and long marriage at Bayamon, Puerto Rico, and none of his siblings got into trouble. Rivas attended the University of Puerto Rico for a couple of years, then enlisted in the Army in October 1973. He went through basic training, then was shipped to Turkey and later West Germany. He suffered “stress syndrome” and was treated at Eisenhower Army Medical Center in Fort Gordon, Ga. He was given an honorable discharge from the Army in May 1977.
While Rivas was in Germany, he began living with a woman named Monica Russell, and they had a daughter who was born in 1977. Ms. Russell and the daughter stayed behind in Germany with her parents after Rivas left.
Rivas was back in Puerto Rico briefly, trying college again “for a weekend.” He told an interviewer, “I was finding it difficult to live there because of the differences in the cultures since I was raised stateside. I’m fluent in Spanish, but I don’t necessarily feel comfortable in the culture.”
Rivas married Brenda Hildred in 1974, and they were divorced two years later after she moved back to England. He met Delia Carponell in Puerto Rico and they married in 1977. They had two daughters, Sara and Alexandria. Delia moved with him to Ledo Beach, Fla. She eventually returned to Puerto Rico.
He met a woman named Holly Feldner while he was with Avon in Chicago, and they were married April 30, 1978. She had a daughter and two sons and they also split up.
While he was in Florida, Rivas was involved in a firm called Sigma Financial, where he would charge consulting fees for financial assistance. Rivas was also in telemarketing sales, selling “original signed lithographs” and teaching people how to collateralize loans. In Chicago, he said he worked as an equity raiser for Paine Webber and at another time was in Avon, overseeing more than 200 sales ladies. Then he set up International Equity Investment Inc. in which authorities said “a woman was used to take messages and give the appearance of large-scale activity. Money was taken from desperate people with promises of hope.” Homeowners who were in the process of foreclosure would pay Rivas a fee to find someone to buy the home and lease it back to the homeowners under a seven-year lease. Rivas “guaranteed” that if the buyer defaulted that he would find another buyer. He took a total of $15,000 from 15 homeowners facing foreclosure until he was stopped by authorities.
After he was arrested in Chicago, Rivas ran to Florida. He married Allison Coffman in Miami. They had a daughter together. Rivas was struggling when he was first in Florida, but later “I had two BMWs. A friend went out with my wife and looked at all kinds of furniture. We had about a hundred thousand dollars worth of furniture.” He had a 4,500-square-foot house with a pool table in Hollywood, Fla. He and Allison “traveled, bought furs, the whole thing.” He was worth about a quarter million dollars at the time.
He and Allison split in 1987 and that October he met Belinda Kay Miller when he advertised for topless dancers. He said he was not in the club business himself, but the owners had offered to pay him a fee if he could find topless dancers with clean records. He moved in with Belinda, who had three children of her own, and they soon decided to move to the Phoenix area of Arizona. They arrived June 21, 1988, and first stayed at the Phoenix Sunrise Motel on East Van Buren and then the Ambassador Suites on Thomas Road at 44th Street. When funds were running low, they moved to the Lazy U Motel at 27th Avenue and Indian School Road.
There he tried a variety of jobs, including the topless dancing recruiting. But he said that didn’t pay because he was unable to find any dancers who didn’t have drug problems or arrest records. Rivas sold vitamins over the phone for awhile. Also, he tried raising money for the Veterans of Foreign Wars, but he said, “It’s very difficult to convince somebody to donate to the Veterans of Foreign Wars when you have two bikers on the floor drunk, fighting over the girl they just hired that morning.”
He hit upon the idea of setting up Golden Dawn Financial and placed an ad in USA Today that brought in a number of customers. For a fee ranging from $100-$700, Rivas was to help those in financial jeopardy or in danger of losing their homes to foreclosure. The clients believed that Rivas was in contact with their lenders, arranging to re-negotiate their loans. Instead, he cashed all their checks and kept changing addresses without leaving forwarding addresses. Several of the clients, as a result, lost their homes.
Paul Anderson said he was one of those who answered the USA Today ad in October 1988. He was told that Rivas could negotiate a $150,000 loan for his business, Thin Layer Coating. He was told to wire $1,762.85 to a Rivas account, which he did on Nov. 1, 1988.
A few days later, Rivas got the money out of the account and moved from 4627 W. Perdue in Glendale, Ariz., to parts unknown. His phone was disconnected.
Phillip Craine also responded to the ad and was told by Rivas that for a $175 advance fee he would get a $30,000 loan. After paying the money, he heard nothing more from Golden Dawn Financial.
Beth Camacho and Pat Schwendemann were told that Rivas could help them with their telemarketing operation, including writing the script. They turned over $1,500 to him, then Rivas moved again.
David Thompson paid Rivas $287.50 for supposedly helping him line up a $40,000 small business loan. He didn’t get his money back or obtain the loan.
Dan Isabelle, who was behind on his house payments, paid Rivas $650 in hopes he could help with a refinancing. After waiting several weeks, Mr. Isabelle found that Rivas had moved on without leaving a forwarding address.
After getting a foreclosure notice, Virginia Stanfield saw the Rivas ad and paid him $525. She got no help from the swindler.
Robin Herrera was also facing foreclosure on her home, and she paid Rivas $650 to intervene with HUD. She later said she felt from the start that Rivas was “underhanded and illegal.” She wound up losing her home.
Luis Hiram Rivas
1985 in Chicago, Ill. Arrested for felony theft by deception. Rivas cashed two checks on a closed account. Met with Illinois investigators to explain problems with his International Equity Investment Inc. Promised to provide the Illinois attorney general with 15 names and addresses as well as make restitution. Fled to Florida and began selling artwork.
1987 (August) in Miami, Fla. Arrested for grand larceny involving an equity skimming scam. Placed on six months probation.
1988 (November) in Phoenix, Ariz. Charged with illegally conducting an enterprise, theft, and fraudulent schemes and artifices.
2007-2008 in Chattanooga, Tn. Accepted over $31 million in investor funds. Skipped out to parts unknown.
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June 26, 2008 by FX_Angel
Arizona Officials In 1988 Warned That Rivas Would “Take The Money And Run”
Luis H. Rivas when he was arrested in Arizona in 1988 and recently in Chattanooga |
ForexPeaceArmy latest forex scam, in partnership with the famous con man Rivas. Investors who handed over more than $31 million to Luis H. Rivas while he was headquartered in Chattanooga for the past year had no idea they were dealing with a slick con man who Arizona officials had figured out back in 1988.
Phoenix, Ariz., prosecutor John R. Evans, at a time Rivas was stealing peanuts compared to his recent run, said Rivas was “an excellent scam artist. He can be very convincing on a variety of subjects. He can take people’s money with no ability to perform on his promises. The man can earn a great deal of money through his words.”
Prosecutor Evans said Rivas “has a tremendous talent for creating false appearances. If he is allowed to use his talent, people’s hard-earned dollars and false hopes will fill his coffers.
“The defendant has used his talent since 1985 in Illinois. He moved to Florida and used his skills until 1988. His crimes in Arizona started in August 1988 and were stopped Nov. 22, 1988. It is time that his crimes were stopped for as long as possible.”
Prosecutor Evans noted that Rivas “already had one period of probation in Florida, which did not change his approach to life.”
Michael L. Goss, Rivas’ probation officer, said, “The defendant certainly appears to exhibit a pattern of fraudulent behavior. Although this writer would certainly agree that the defendant is highly intelligent, he would very likely be very successful if his talents were used legitimately and legally. This writer has great concern for the victims, who suffered significantly not only by the defendant’s actions, but also by their failure to recognize the defendant’s actions as illegal.
“Based on the number of victims in this case as well as the defendant’s prior criminal history, this writer sees no reason that the defendant should be granted leniency in this case.
“Obviously, the defendant was not impacted by his placement on a previous probation grant, but alternatively became involved in a series of offenses of a much greater magnitude than those in which he was previously involved.
“This writer views the defendant as a very dangerous individual in the sense that he is able to talk his way into just about anything.
“It is this writer’s opinion that the defendant preys on individuals who are not well versed regarding certain financial matters and, by the time the victims realize what has happened, the defendant is long gone.”
The probation officer said Rivas told him he had enrolled at the University of Maryland in 1974 and obtained a bachelor’s degree in philosophy and mathematics. A check was made with Amy Elzeldin at the University of Maryland records office. She searched through the university records from 1970-1983, including a check of attendance at an overseas class. No Luis H. Rivas.
John Stahl, the detective assigned to investigate Rivas in Arizona, recommended that Rivas, who was then 35, be sentenced to the maximum term. He said he felt that Rivas “manipulated the victims and misrepresented himself at the outset of the initiation of Golden Dawn Financial.”
The detective said Rivas “never intended to fulfill any terms of his ‘contract’ and his intentions were evidenced by several attempts to vacate his residence, disconnect his phone and leave no forwarding address.”
He described Rivas as “a slick individual who may very well have been a success if he used his knowledge and skills in a legal, legitimate business as the defendant is quite convincing and knowledgeable regarding numerous financial matters.”
Det. Stahl said he felt Rivas “preyed on desperate people.” He cited the fact he had been involved “in similar scenarios in Chicago and Miami.”
He felt that Rivas “has made a practice of misrepresenting himself – fraudulently accepting money from people with no intention of providing any legitimate service and ultimately moving to a different area to start the cycle over again.”
Saying Rivas presented a high risk to continue pulling off scams, he recommended that Rivas be imprisoned for the maximum term.
Authorities in Chicago were also looking for Rivas in 1988 for a scam he pulled off there. He had gone from Chicago to Miami, and he got into similar trouble there.
Rivas was finally nailed after running an operation for just a few months in Arizona and was given a 10-year state prison sentence. Rivas emerged from prison around 1995 and showed up in Chattanooga last year offering investors amazing returns that he promised he would earn through his knack for foreign currency trading.
Rivas is now on the run after suddenly closing the Bonny Oaks office in mid-May and pulling $1.6 million in investor funds out of a Chattanooga bank.
Born in Puerto Rico in 1953, Rivas was raised at Cambridge, Mass., then returned to Puerto Rico when he was 18. His parents, Luis and Anna Rivas, had a stable home and long marriage at Bayamon, Puerto Rico, and none of his siblings got into trouble. Rivas attended the University of Puerto Rico for a couple of years, then enlisted in the Army in October 1973. He went through basic training, then was shipped to Turkey and later West Germany. He suffered “stress syndrome” and was treated at Eisenhower Army Medical Center in Fort Gordon, Ga. He was given an honorable discharge from the Army in May 1977.
While Rivas was in Germany, he began living with a woman named Monica Russell, and they had a daughter who was born in 1977. Ms. Russell and the daughter stayed behind in Germany with her parents after Rivas left.
Rivas was back in Puerto Rico briefly, trying college again “for a weekend.” He told an interviewer, “I was finding it difficult to live there because of the differences in the cultures since I was raised stateside. I’m fluent in Spanish, but I don’t necessarily feel comfortable in the culture.”
Rivas married Brenda Hildred in 1974, and they were divorced two years later after she moved back to England. He met Delia Carponell in Puerto Rico and they married in 1977. They had two daughters, Sara and Alexandria. Delia moved with him to Ledo Beach, Fla. She eventually returned to Puerto Rico.
He met a woman named Holly Feldner while he was with Avon in Chicago, and they were married April 30, 1978. She had a daughter and two sons and they also split up.
While he was in Florida, Rivas was involved in a firm called Sigma Financial, where he would charge consulting fees for financial assistance. Rivas was also in telemarketing sales, selling “original signed lithographs” and teaching people how to collateralize loans. In Chicago, he said he worked as an equity raiser for Paine Webber and at another time was in Avon, overseeing more than 200 sales ladies. Then he set up International Equity Investment Inc. in which authorities said “a woman was used to take messages and give the appearance of large-scale activity. Money was taken from desperate people with promises of hope.” Homeowners who were in the process of foreclosure would pay Rivas a fee to find someone to buy the home and lease it back to the homeowners under a seven-year lease. Rivas “guaranteed” that if the buyer defaulted that he would find another buyer. He took a total of $15,000 from 15 homeowners facing foreclosure until he was stopped by authorities.
After he was arrested in Chicago, Rivas ran to Florida. He married Allison Coffman in Miami. They had a daughter together. Rivas was struggling when he was first in Florida, but later “I had two BMWs. A friend went out with my wife and looked at all kinds of furniture. We had about a hundred thousand dollars worth of furniture.” He had a 4,500-square-foot house with a pool table in Hollywood, Fla. He and Allison “traveled, bought furs, the whole thing.” He was worth about a quarter million dollars at the time.
He and Allison split in 1987 and that October he met Belinda Kay Miller when he advertised for topless dancers. He said he was not in the club business himself, but the owners had offered to pay him a fee if he could find topless dancers with clean records. He moved in with Belinda, who had three children of her own, and they soon decided to move to the Phoenix area of Arizona. They arrived June 21, 1988, and first stayed at the Phoenix Sunrise Motel on East Van Buren and then the Ambassador Suites on Thomas Road at 44th Street. When funds were running low, they moved to the Lazy U Motel at 27th Avenue and Indian School Road.
There he tried a variety of jobs, including the topless dancing recruiting. But he said that didn’t pay because he was unable to find any dancers who didn’t have drug problems or arrest records. Rivas sold vitamins over the phone for awhile. Also, he tried raising money for the Veterans of Foreign Wars, but he said, “It’s very difficult to convince somebody to donate to the Veterans of Foreign Wars when you have two bikers on the floor drunk, fighting over the girl they just hired that morning.”
He hit upon the idea of setting up Golden Dawn Financial and placed an ad in USA Today that brought in a number of customers. For a fee ranging from $100-$700, Rivas was to help those in financial jeopardy or in danger of losing their homes to foreclosure. The clients believed that Rivas was in contact with their lenders, arranging to re-negotiate their loans. Instead, he cashed all their checks and kept changing addresses without leaving forwarding addresses. Several of the clients, as a result, lost their homes.
Paul Anderson said he was one of those who answered the USA Today ad in October 1988. He was told that Rivas could negotiate a $150,000 loan for his business, Thin Layer Coating. He was told to wire $1,762.85 to a Rivas account, which he did on Nov. 1, 1988.
A few days later, Rivas got the money out of the account and moved from 4627 W. Perdue in Glendale, Ariz., to parts unknown. His phone was disconnected.
Phillip Craine also responded to the ad and was told by Rivas that for a $175 advance fee he would get a $30,000 loan. After paying the money, he heard nothing more from Golden Dawn Financial.
Beth Camacho and Pat Schwendemann were told that Rivas could help them with their telemarketing operation, including writing the script. They turned over $1,500 to him, then Rivas moved again.
David Thompson paid Rivas $287.50 for supposedly helping him line up a $40,000 small business loan. He didn’t get his money back or obtain the loan.
Dan Isabelle, who was behind on his house payments, paid Rivas $650 in hopes he could help with a refinancing. After waiting several weeks, Mr. Isabelle found that Rivas had moved on without leaving a forwarding address.
After getting a foreclosure notice, Virginia Stanfield saw the Rivas ad and paid him $525. She got no help from the swindler.
Robin Herrera was also facing foreclosure on her home, and she paid Rivas $650 to intervene with HUD. She later said she felt from the start that Rivas was “underhanded and illegal.” She wound up losing her home.
Luis Hiram Rivas
1985 in Chicago, Ill. Arrested for felony theft by deception. Rivas cashed two checks on a closed account. Met with Illinois investigators to explain problems with his International Equity Investment Inc. Promised to provide the Illinois attorney general with 15 names and addresses as well as make restitution. Fled to Florida and began selling artwork.
1987 (August) in Miami, Fla. Arrested for grand larceny involving an equity skimming scam. Placed on six months probation.
1988 (November) in Phoenix, Ariz. Charged with illegally conducting an enterprise, theft, and fraudulent schemes and artifices.
2007-2008 in Chattanooga, Tn. Accepted over $31 million in investor funds. Skipped out to parts unknown.
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June 26, 2008 by FX_Angel
Arizona Officials In 1988 Warned That Rivas Would “Take The Money And Run”
Luis H. Rivas when he was arrested in Arizona in 1988 and recently in Chattanooga |
ForexPeaceArmy latest forex scam, in partnership with the famous con man Rivas. Investors who handed over more than $31 million to Luis H. Rivas while he was headquartered in Chattanooga for the past year had no idea they were dealing with a slick con man who Arizona officials had figured out back in 1988.
Phoenix, Ariz., prosecutor John R. Evans, at a time Rivas was stealing peanuts compared to his recent run, said Rivas was “an excellent scam artist. He can be very convincing on a variety of subjects. He can take people’s money with no ability to perform on his promises. The man can earn a great deal of money through his words.”
Prosecutor Evans said Rivas “has a tremendous talent for creating false appearances. If he is allowed to use his talent, people’s hard-earned dollars and false hopes will fill his coffers.
“The defendant has used his talent since 1985 in Illinois. He moved to Florida and used his skills until 1988. His crimes in Arizona started in August 1988 and were stopped Nov. 22, 1988. It is time that his crimes were stopped for as long as possible.”
Prosecutor Evans noted that Rivas “already had one period of probation in Florida, which did not change his approach to life.”
Michael L. Goss, Rivas’ probation officer, said, “The defendant certainly appears to exhibit a pattern of fraudulent behavior. Although this writer would certainly agree that the defendant is highly intelligent, he would very likely be very successful if his talents were used legitimately and legally. This writer has great concern for the victims, who suffered significantly not only by the defendant’s actions, but also by their failure to recognize the defendant’s actions as illegal.
“Based on the number of victims in this case as well as the defendant’s prior criminal history, this writer sees no reason that the defendant should be granted leniency in this case.
“Obviously, the defendant was not impacted by his placement on a previous probation grant, but alternatively became involved in a series of offenses of a much greater magnitude than those in which he was previously involved.
“This writer views the defendant as a very dangerous individual in the sense that he is able to talk his way into just about anything.
“It is this writer’s opinion that the defendant preys on individuals who are not well versed regarding certain financial matters and, by the time the victims realize what has happened, the defendant is long gone.”
The probation officer said Rivas told him he had enrolled at the University of Maryland in 1974 and obtained a bachelor’s degree in philosophy and mathematics. A check was made with Amy Elzeldin at the University of Maryland records office. She searched through the university records from 1970-1983, including a check of attendance at an overseas class. No Luis H. Rivas.
John Stahl, the detective assigned to investigate Rivas in Arizona, recommended that Rivas, who was then 35, be sentenced to the maximum term. He said he felt that Rivas “manipulated the victims and misrepresented himself at the outset of the initiation of Golden Dawn Financial.”
The detective said Rivas “never intended to fulfill any terms of his ‘contract’ and his intentions were evidenced by several attempts to vacate his residence, disconnect his phone and leave no forwarding address.”
He described Rivas as “a slick individual who may very well have been a success if he used his knowledge and skills in a legal, legitimate business as the defendant is quite convincing and knowledgeable regarding numerous financial matters.”
Det. Stahl said he felt Rivas “preyed on desperate people.” He cited the fact he had been involved “in similar scenarios in Chicago and Miami.”
He felt that Rivas “has made a practice of misrepresenting himself – fraudulently accepting money from people with no intention of providing any legitimate service and ultimately moving to a different area to start the cycle over again.”
Saying Rivas presented a high risk to continue pulling off scams, he recommended that Rivas be imprisoned for the maximum term.
Authorities in Chicago were also looking for Rivas in 1988 for a scam he pulled off there. He had gone from Chicago to Miami, and he got into similar trouble there.
Rivas was finally nailed after running an operation for just a few months in Arizona and was given a 10-year state prison sentence. Rivas emerged from prison around 1995 and showed up in Chattanooga last year offering investors amazing returns that he promised he would earn through his knack for foreign currency trading.
Rivas is now on the run after suddenly closing the Bonny Oaks office in mid-May and pulling $1.6 million in investor funds out of a Chattanooga bank.
Born in Puerto Rico in 1953, Rivas was raised at Cambridge, Mass., then returned to Puerto Rico when he was 18. His parents, Luis and Anna Rivas, had a stable home and long marriage at Bayamon, Puerto Rico, and none of his siblings got into trouble. Rivas attended the University of Puerto Rico for a couple of years, then enlisted in the Army in October 1973. He went through basic training, then was shipped to Turkey and later West Germany. He suffered “stress syndrome” and was treated at Eisenhower Army Medical Center in Fort Gordon, Ga. He was given an honorable discharge from the Army in May 1977.
While Rivas was in Germany, he began living with a woman named Monica Russell, and they had a daughter who was born in 1977. Ms. Russell and the daughter stayed behind in Germany with her parents after Rivas left.
Rivas was back in Puerto Rico briefly, trying college again “for a weekend.” He told an interviewer, “I was finding it difficult to live there because of the differences in the cultures since I was raised stateside. I’m fluent in Spanish, but I don’t necessarily feel comfortable in the culture.”
Rivas married Brenda Hildred in 1974, and they were divorced two years later after she moved back to England. He met Delia Carponell in Puerto Rico and they married in 1977. They had two daughters, Sara and Alexandria. Delia moved with him to Ledo Beach, Fla. She eventually returned to Puerto Rico.
He met a woman named Holly Feldner while he was with Avon in Chicago, and they were married April 30, 1978. She had a daughter and two sons and they also split up.
While he was in Florida, Rivas was involved in a firm called Sigma Financial, where he would charge consulting fees for financial assistance. Rivas was also in telemarketing sales, selling “original signed lithographs” and teaching people how to collateralize loans. In Chicago, he said he worked as an equity raiser for Paine Webber and at another time was in Avon, overseeing more than 200 sales ladies. Then he set up International Equity Investment Inc. in which authorities said “a woman was used to take messages and give the appearance of large-scale activity. Money was taken from desperate people with promises of hope.” Homeowners who were in the process of foreclosure would pay Rivas a fee to find someone to buy the home and lease it back to the homeowners under a seven-year lease. Rivas “guaranteed” that if the buyer defaulted that he would find another buyer. He took a total of $15,000 from 15 homeowners facing foreclosure until he was stopped by authorities.
After he was arrested in Chicago, Rivas ran to Florida. He married Allison Coffman in Miami. They had a daughter together. Rivas was struggling when he was first in Florida, but later “I had two BMWs. A friend went out with my wife and looked at all kinds of furniture. We had about a hundred thousand dollars worth of furniture.” He had a 4,500-square-foot house with a pool table in Hollywood, Fla. He and Allison “traveled, bought furs, the whole thing.” He was worth about a quarter million dollars at the time.
He and Allison split in 1987 and that October he met Belinda Kay Miller when he advertised for topless dancers. He said he was not in the club business himself, but the owners had offered to pay him a fee if he could find topless dancers with clean records. He moved in with Belinda, who had three children of her own, and they soon decided to move to the Phoenix area of Arizona. They arrived June 21, 1988, and first stayed at the Phoenix Sunrise Motel on East Van Buren and then the Ambassador Suites on Thomas Road at 44th Street. When funds were running low, they moved to the Lazy U Motel at 27th Avenue and Indian School Road.
There he tried a variety of jobs, including the topless dancing recruiting. But he said that didn’t pay because he was unable to find any dancers who didn’t have drug problems or arrest records. Rivas sold vitamins over the phone for awhile. Also, he tried raising money for the Veterans of Foreign Wars, but he said, “It’s very difficult to convince somebody to donate to the Veterans of Foreign Wars when you have two bikers on the floor drunk, fighting over the girl they just hired that morning.”
He hit upon the idea of setting up Golden Dawn Financial and placed an ad in USA Today that brought in a number of customers. For a fee ranging from $100-$700, Rivas was to help those in financial jeopardy or in danger of losing their homes to foreclosure. The clients believed that Rivas was in contact with their lenders, arranging to re-negotiate their loans. Instead, he cashed all their checks and kept changing addresses without leaving forwarding addresses. Several of the clients, as a result, lost their homes.
Paul Anderson said he was one of those who answered the USA Today ad in October 1988. He was told that Rivas could negotiate a $150,000 loan for his business, Thin Layer Coating. He was told to wire $1,762.85 to a Rivas account, which he did on Nov. 1, 1988.
A few days later, Rivas got the money out of the account and moved from 4627 W. Perdue in Glendale, Ariz., to parts unknown. His phone was disconnected.
Phillip Craine also responded to the ad and was told by Rivas that for a $175 advance fee he would get a $30,000 loan. After paying the money, he heard nothing more from Golden Dawn Financial.
Beth Camacho and Pat Schwendemann were told that Rivas could help them with their telemarketing operation, including writing the script. They turned over $1,500 to him, then Rivas moved again.
David Thompson paid Rivas $287.50 for supposedly helping him line up a $40,000 small business loan. He didn’t get his money back or obtain the loan.
Dan Isabelle, who was behind on his house payments, paid Rivas $650 in hopes he could help with a refinancing. After waiting several weeks, Mr. Isabelle found that Rivas had moved on without leaving a forwarding address.
After getting a foreclosure notice, Virginia Stanfield saw the Rivas ad and paid him $525. She got no help from the swindler.
Robin Herrera was also facing foreclosure on her home, and she paid Rivas $650 to intervene with HUD. She later said she felt from the start that Rivas was “underhanded and illegal.” She wound up losing her home.
Luis Hiram Rivas
1985 in Chicago, Ill. Arrested for felony theft by deception. Rivas cashed two checks on a closed account. Met with Illinois investigators to explain problems with his International Equity Investment Inc. Promised to provide the Illinois attorney general with 15 names and addresses as well as make restitution. Fled to Florida and began selling artwork.
1987 (August) in Miami, Fla. Arrested for grand larceny involving an equity skimming scam. Placed on six months probation.
1988 (November) in Phoenix, Ariz. Charged with illegally conducting an enterprise, theft, and fraudulent schemes and artifices.
2007-2008 in Chattanooga, Tn. Accepted over $31 million in investor funds. Skipped out to parts unknown.
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