Forexgurl

Ok, here's the issue I have with people teaching "Lou's System" on their own without his "permission".

How do you know it IS his system? You cannot verify that the system belongs to him so you are very likely opening yourself up for a world of lawsuits by teaching and selling property that is not yours or his to sell and/or teach. I know if I were the copyright holder of said system I'd sure as hell make sure no one was selling it or teaching it without my written consent.

And even if it IS his system he can also sue you for using it without his permission...running a Ponzi Scheme using this system as a drawing point doesn't remove his rights and claims to it. If he wanted to be a dick, which he'll probably get around to doing, he'll drop a lawsuit on your head.

4xisfun

First of all who said anything about selling HIS system?? Second of all, the 2 seminars I went to, he told us we could teach this to whoever we'd like, as long as we didn't charge for teaching it. He thought we should share this good fortune with everyone we could. AAAAAAHHHHHH. . . Remember how generous he was. We were even given permission to pass the DVD's of the seminar around. Check the DVD's for proof if you'd like--I'm sure it's on there. Thirdly, HIS system obviously didn't work out too well for him since he had an open trade that was down over a million dollars that he had to close or he'd be getting a margin call!! That was in the criminal complaint affidavit. Fourthly, there are far better systems out there to learn FREE on the Internet!!! Why the hell are you defending this con man scum bag?? Give me a break!!

4xisfun

He didn't even know what the Stochastic Oscillator really was!!!

4xisfun

Plus it is pretty common knowledge--if you know anything about trading Forex--that you can trade using moving average crossovers!! There are different numbers you can use that work much better than what he gave us. And it's all there FREE on the Internet!!

Forex Bull Shit

Luis Rivas, accused of scamming investors out of at least $31 million, is scheduled to appear before a U.S. Magistrate Judge late Tuesday afternoon in Topeka, Kan.

Mr. Rivas, a foreign currencies trader accused of bilking about 500 investors from across the country, was arrested Friday in Topeka during a traffic stop.

Federal authorities had charged him a couple of days before with wire, mail and securities fraud in U.S. District Court in Greenville, S.C. After his initial appearance in Topeka, Mr. Rivas is expected to be transported back to Greenville by U.S. marshals, authorities said.

The investigation into Mr. Rivas’ business practices began in February, according to the criminal complaint against him. At the time, he had offices in Chattanooga, Spartanburg, S.C., Orlando and Tulsa, Okla., according to the complaint, and actually met with the FBI in Spartanburg to answer questions.

Mr. Rivas admitted to investigators at the time that he was a convicted felon, having spent 10 years in state prison in the 1980s and ’90s on charges of fraud involving rare coins. He also told them he was not a licensed securities trader but had about 222 clients and 15 bank accounts at a financial institution in Salt Lake City and was trading about $25 million.

Authorities later found out, according to the complaint, that Mr. Rivas had many more bank accounts and clients and appeared to be using clients’ money to buy lavish gifts and real estate for his employees, wife and two girlfriends.

Mr. Rivas disappeared in mid-May after abruptly shutting down his Chattanooga office. In early June, a U.S. Bankruptcy Judge in Chattanooga forced Mr. Rivas into involuntary bankruptcy amid fears from creditors that he was in the process of liquidating his accounts and trying to leave the country.

A U.S. bankruptcy trustee said he has so far recovered about $2.3 million in cash and about $1.5 million worth of luxury goods and real estate.

Forexgurl

Just because he said it was his system does not necessarily mean it WAS his system. I could run around telling people all day long that I discovered a cure for cancer. I charge them $5,000 to come listen to me talk about the cure for three days, give them the recipe for the cure, then tell them "Go out and share it with the world!". I guarantee once word of my stolen cure gets back to the true owners they'll first start with legal "Cease and Desist" forms and if that doesn't get your attention a lawsuit will.

You need to VERIFY that "Lou's System" isn't stolen before you do something so foolish as go out and share it with the world. Does anything anywhere within Lou's history, that was so happily posted by The Chattanoogan newspaper, even inspire any amount of belief in you that this IS his system? I see plenty of scamming going on. He's also a proven liar when it comes to his education and work history.

Why the hell would you believe this man when he says "This is mine. I made it. Go out and share it!!"?

I am not defending Lou in the least. I am defending the RIGHTFUL owners of what is obviously stolen material.

4xisfun

It is not stolen material when you can find it freely on the web on multiple sites, and books. The information he did give us was VERY, VERY basic. It was not a complex system that somebody has a copyright on. You can find this moving average crossover theory everywhere!!!! He really did not know an awful lot about trading. Yes, the fibonacci numbers and the elliot wave theory are great things to know--but there again, just google those 2 concepts--they are EVERYWHERE!!! FREE from numerous sites!!!

4xisfun

I just reread your post. I apologize--I took your first post as defending Lou, but I now realize you are just concerned that this may be somebody else's system that he stole (which I wouldn't put it passed him!!) and that could be copyrighted and that there could be problems arising from using this material. But I truly doubt that's the case, because it really is everywhere on the net.

moving forward

you don't get the question....the traders did the trading....not Lou....so again I want to understand how they could have NOT known they were NOT trading....did Lou turn all of the accounts they were trading into demo accounts withouth them knowing?

getaclue

You are incorrect about who was trading the bulk of the money.. true some traders were trading small amounts in accounts but the bulk (we thought) was being traded in Lou's account but apparently it was not since he apparently had quit trading sometime in October.

So unless Lou took all traders off live accounts they were still trading their accounts.. but.. the amount was insignificant in comparrison to the 15% requirement on the total funds (apparently 31mil).

When someone says that funds were not traded they are referring to Lou's account.

That is a simple as I can put it... hope it helps.