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Investment scammer Luis Rivas is going to prison for 24 years.
Rivas worked out of an office in our area.. But defrauded investors in 20 states in a ponzi scheme.
He raised 18-million dollars by promising investors a return of 60-percent
Almost five hundred people invested in his scheme.. And some lost their life savings.. All to float his extravagant lifestyle.
Rivas pleaded guilty to wire fraud.. Money laundering and bankruptcy.
In addition to the jail time.. The judge ordered rivas to repay the 18-million dollars.l
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