Currency Trader Gets 24 Years For $18M Ponzi Fraud

Law360, New York (November 19, 2009, 6:20 PM EST) -- A foreign currency trader who swindled investors across the country to fund his lifestyle and buy gifts for girlfriends has been sentenced to more than 24 years in prison and ordered to pay $18 million in restitution.

Luis Hiram Rivas, who pled guilty in August to wire fraud, money laundering and bankruptcy fraud, learned his fate on Thursday in the U.S. District Court for the Eastern District of Tennessee for the Ponzi scheme, according to federal prosecutors.

Rivas also pled guilty to wire fraud related to...
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