The Forex Project Fraud Scheme

May 24, 2008 by Trader Rich
Let me first say that I’m not talking about my Forex Project. A reader brought my attention to the other Forex Project which I have heard of before and the owner Luis Rivas, who is facing lawsuits and creditors. Apparently, Mr. Rivas promised to make boat loads of money for people and never followed through. "The investors initially received payments, then the flow of money stopped…" It appears that the other Forex Project abandoned their corporate offices back in April, 2008. Some people are out as much as a half a million bucks due to Rivas’ "fraudulent Ponzi scheme."
It’s interesting that another visitor asked me about Rivas months ago and supposedly had a friend who was getting paid. Here’s what he said:
"They also sell promissory notes that pay between 5 and 8% a month. I have a friend who is involved with one of these promissory notes and has been getting his interest payments regularly but it doesn’t feel quite right to me."
I hope he didn’t follow his friend into this mess. This leads me into another point that I’d really like to elaborate on in another post. A comment was posted a couple of weeks ago asking me why I bother trading forex on my own if I only expect to make 20% a year. According to him, I could invest with a financial institution that could make this for me. The reason why I don’t are because of people like Luis Rivas and companies like Bear Stearns. Who do you trust?
Read more about this at http://www.chattanoogan.com/articles/article_128551.asp
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Filed Under: Investing and TradingTagged: forex fraud, Forex Trading, fraud, may 2008 Similar Posts:
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