19-year-old man allegedly stole over $40,000 in stock market fraud

IDAHO FALLS — An 19-year-old man was charged after he allegedly stole more than $40,000 from 12 people by pretending to be a day trader.

Jesus Rivas Ruiz has been charged with one count of grand theft by possession of stolen property and one count of general fraud.

Rivas Ruiz was allegedly working for a sales company in April 2024, according to court documents. Somehow, he convinced 12 of his coworkers to give him various amounts of money so he could turn it into a profit by using a trading website.

Rivas Ruiz eventually created a group chat with the people who paid him. He reportedly sent photos of their trades and profits, encouraging the group to continue sending him money over the next several months.

By the end of the summer, the 12 victims wanted Rivas Ruiz to withdraw their money. Rivas Ruiz agreed, but he kept saying it would take time to go through his lawyer and broker. Many weeks passed and the victims still had not been reimbursed. They began questioning if Rivas Ruiz had stolen their money.

The victims came across a review he’d posted online, saying he’d been hurt in a dirt bike accident and needed money for surgery. A family member later saw Rivas Ruiz at a party and said there was no sign of injury.

In September of 2024, some of the victims made arrangements to meet with Rivas Ruiz at Tautphaus Park. Before the meeting took place, he claimed his truck and the alleged money had been stolen outside the Mountain America Center.

The victims drove by Rivas Ruiz’s house and saw his truck parked in the driveway. The victims asked if his truck had been returned to him, and Rivas Ruiz said no.

Eventually, one of the victims confronted Rivas Ruiz and said he was going to call the police if he did not return the money. Rivas Ruiz reportedly returned the victim’s money.

Court records show that over those months, Rivas Ruiz used Venmo and Zelle to transfer money into his Wells Fargo account. None of it was ever sent to trading websites, according to bank statements.

Rivas Ruiz allegedly stole a total amount of $42,650.

He will appear before Magistrate Judge Tawnya Rawlings for a preliminary hearing on Dec. 10.

Though Rivas Ruiz has been charged with these crimes, it does not necessarily mean he committed them. Everyone is presumed innocent until proven guilty.

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