We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
The forex managed accounts company known as The Forex Project and managed by Luis Rivas was a Ponzi scheme designed to defraud investors. Our members satellite101w and Bruce Herbert both lost money in this scheme, as did a large number of other investors. Failure to return money to traders upon request is the primary definition of "Scam" for the members of the Forex Peace Army. Luis Rivas seems to have disappeared with over $10 million taken from a large number of investors.
We are further horrified to learn that Luis Rivas has another organization called The Money Tree Foundation that promised new homes to a number of foster parents, encouraged them to dream big, then left them with nothing but empty promises.
Thus, we officially find that The Forex Project of Luis Rivas a scam. Short of returning all investor money as well as fullfilling all promises made by The Money Tree Foundation and serving a lenthy prison sentence, we cannot consider lifting this scam finding.
We extend our deepest sympathies to our members and the others who lost large amounts of money in this scam. We further extend sympathies to those who were given false hopes and dreams by Mr. Rivas' foundation.
The Forex Project and The Money Tree Foundation are both hereby blacklisted by the Forex Peace Army.
We strongly encourage anyone who lost money with Luis Rivas to contact the NFA and the Cahttanooga Nankruptcy Court.
The Original complaint by our members can be found here
The Forex Project / Luis Rivas
The Forex Project of Luis Rivas -
06-09-2008, 09:14 PM
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