The Forex Project / Luis Rivas

satellite101w · (#1 (**permalink**))

I'd like to submit a claim against 'The Forex Project' run by Luis Rivas. Luis has scammed millions from investors and is on the run. He has an involuntary bankruptcy hearing on Friday June 6, 2008 in Chattanooga. We suspect he will be a no show. The Forex Project was billed as legit and he had people lined up waiting to invest, promising 5% monthly returns. He even had arrangements with Equity Trust in Ohio to get access to people's self directed IRA's (my situation). He also used InterbankFX for his trading platform. He has been reported to all authorities (turns out he is a convicted felon with previous history of securities fraud). What is the best way to proceed from this point? Any help is greatly appreciated!!! There are hundreds of us involved.

Bruce Herbert · (#2 (**permalink**))

I never got the first check. Out 50 k. Have you gotten any replys that helped? Don't know if we should contact current law suites to see if we can join them or at least contact the FBI so that they know we exist so we can be considered in any bankrupt procedings. There is an article at 5/23/2008 - Ooltewah Man Who Promised Immense Wealth Is Forced Into Bankruptcy - Breaking News - Chattanoogan.com that tells who the judge is that is hearing the case. Thats all I got for now. Please reply if you have any info. bherberts@bellsouth.net

FPA Investigations Lt 2 · (#3 (**permalink**))

If it's in the court system, their finding of SCAM will carry more weight than one from us.

Definitely leave a review and consider opening a scam ticket.

Bruce Herbert · (#4 (**permalink**))

Update

There is a new post from the Better Business Bureau.

News Archive

The Forex Project – Luis H. Revis
5/30/2008

The Better Business Bureau is receiving numerous inquiries regarding a business operating under The Forex Project and Luis H. Revis. The Chattanoogan.com reported on May 23, 2008 that an involuntary Chapter 7 bankruptcy case had been filed against Mr. Revis and his Forex Project.

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 lafge 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.
Relunctance to provide credentials or background information.
Jim Winsett, President of the BBB serving Southeast Tennessee and Northwest Georgia advises that prior to purchasing a forex investment, check whether the company is registered with the Commodity Futures Trading Commission, (U.S. Commodity Futures Trading Commission) or is a member of the National Futures Association (www.nfa.org). You may contact the BBB at 423-266-0396.

Privacy PolicyTrademarksTerms of Use © 2008 Council of Better Business Bureaus Better Business Bureau of Chattanooga, TN.

PLEASE NOTICE THE TWO PHONE NUMBERS, ESPECIALLY THE FBI AGENT TO CONTACT.

satellite101w · (#5 (**permalink**))

The judge did label Luis Rivas and The Forex Project as a Ponzi Scheme. It's official. For more updates, etc...visit TFP1.freeforums.org

Scam Investigations Committee · (#6 (**permalink**))

And it appears that Luis Rivas has run off with money belonging to investors. Faced with this, there is no other possible conclusion than an Official Scam Confirmation...
The Forex Project of Luis Rivas

One of our investigators also found an article discussing how Luis Rivas proimised money to help foster parents buy new homes and then broke those promises. He is not just a criminal scammer, but also an individual truly worthy of contempt.
5/29/2008 - Dreams Dashed For Foster Parents Promised New Homes - Breaking News - Chattanoogan.com

We encourage his victims to provide all available information to the law enforcement authorities and courts so that Luis Rivas may be hunted down and be brought to justice. We further encourage the victims to share their stories so that others may avoid falling for similar scams in the future.

Cyclon · (#7 (**permalink**))

This is just to point out that this is a different Forex Project than the
forexproject.com =
Forex Blog - The Forex Project which is a very nice resource.

Cheers,
Cyclon

Pharaoh · (#8 (**permalink**))

People should really get more imaginative when naming forex items. That's 2 recent scams where there's another innocent company with a similar name.

I hope they find this Rivas guy and let him spend a long time in a very tiny dark cell full of hungry rats.