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Chattanooga: Rivas pleads ‘not guilty’ in securities scam
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Staff Photo by Patrick Smith
Luis H. Rivas enters The Joel W. Solomon Federal Building today. Mr. Rivas faces four counts of wire fraud, five counts of the promotion of money laundering, five counts of criminally derived monetary transactions and five counts of bankruptcy fraud.
A man accused of stealing more than $30 million from investors pleaded “not guilty” today in federal court in Chattanooga to 19 charges of wire and bankruptcy fraud.
Luis H. Rivas is scheduled to stand trial here on Dec. 15.
Mr. Rivas told U. S. Magistrate Judge Bill Carter he could not afford to hire a lawyer, and when asked if he had any money at all he replied “none whatsoever.”
Grey Steed, the bankruptcy trustee who has been searching for Mr. Rivas’ assets since May, said he spoke personally to Mr. Rivas today.
He said Mr. Rivas expressed concern and that he wanted to see his creditors repaid.
Officials said there are about 500 people across 27 states who lost in excess of $31 million by investing with Mr. Rivas over the last year and a half. Three hundred of them were from Chattanooga.
Authorities believe Mr. Rivas ran a classic “Ponzi scheme” based on alleged investments in the foreign currencies market.
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Comments
It's great to know that should Mr. Rivas be found not guilty, he's certainly qualified to be a member of Congress.
What's different about his little Ponzi scheme compared to the Giant Ponzi scheme perpetrated by Bush, Paulson, Pelosi, Reid, O'Bama, McCain, Alexander and Wamp and the cast of thousands living on the public dole.
Rivas just stole $30 million. The real pikers are stealing more than $700 billion and that's just this year. Drunks always want "just one more drink" and Congress always wants "just one more bailout".
If Rivas makes it to Congress I'm sure he'll be a quick study in the big league of theft. He has so many examples to learn from and follow.
At least Rivas sheared his sheep with the sheep's consent and willing participation. His sheep were foolish and it's their fault for abandoning common sense and being greedy. How about a bailout for these investors? What's the difference between the fraud of Rivas and the fraud of Congress?
I didn't ask anyone to bail out the crooks on Wall Street, crooked mortgage companies, and those who bit off more than they can chew by getting loans they couldn't afford and living a lifestyle they can't pay for. No sympathy for them either.
I'm still waiting for the Washington gang of proctologists to ask if I want to be kissed while I'm being screwed over (they won't ask). Keep an eye out for Rivas. He has the credentials to financially rape and pillage with the best Washington has to offer.
Harry Statel
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