In a troubling case of alleged fraud, a young man from Idaho Falls has been charged with stealing over $40,000 from twelve individuals by posing as a day trader. Nineteen-year-old Jesus Rivas Ruiz faces one count of grand theft by possession of stolen property and one count of general fraud, according to court documents.
Reports indicate that Rivas Ruiz, while employed at a sales company in April 2024, managed to persuade his coworkers to invest various sums of money with the promise of high returns through a trading platform. He created a group chat to maintain communication with these investors, where he reportedly sent them pictures of fictitious trades and profits to instill confidence in his fabricated trading success. Over the following months, he encouraged them to continue sending money.
As the summer progressed, the victims began to request the withdrawal of their funds. Rivas Ruiz initially agreed, claiming that the process would require time due to discussions with his lawyer and broker. However, weeks turned into months without any sign of reimbursement, leading to increasing skepticism among the investors regarding the authenticity of Rivas Ruiz’s claims.
The situation escalated when victims uncovered an online post in which Rivas Ruiz claimed to have sustained injuries from a dirt bike accident, adding another layer of distrust after one victim’s family member spotted him at a party without any apparent injuries.
In September 2024, several victims arranged to meet Rivas Ruiz at Tautphaus Park to confront him about their missing investments. Prior to that meeting, he alleged that his truck and the money had been stolen outside the Mountain America Center. However, a drive-by of his residence revealed that his truck was parked in his driveway, contradicting his claims.
When confronted about the discrepancy, Rivas Ruiz continued to maintain that his truck had not been returned to him. One victim threatened to involve law enforcement if the money was not returned, leading Rivas Ruiz to eventually hand over some of the lost funds.
Court records detail that Rivas Ruiz utilized money transfer services like Venmo and Zelle to funnel the stolen amounts into his Wells Fargo account, with bank statements indicating none of the money was invested as promised. In total, he allegedly stole $42,650 from his victims.
Rivas Ruiz is scheduled to appear before Magistrate Judge Tawnya Rawlings for a preliminary hearing on December 10. Despite the charges leveled against him, it’s important to note that he is presumed innocent until proven guilty in a court of law.
