Law School Grad Caught Running a $30 Million Ponzi
Enrique F. Villalba, a 47 year old graduate of Seattle University Law School (formerly University of Puget Sound School of Law) and West Point, was caught this week running a $30 million dollar ponzi scheme out of Ohio.
Villalba claimed his special knowledge of physics allowed him to predict futures markets. Calling his special strategy “money market plus,” he would promise investors 8-12% per year and limited risk through stop orders. Instead, Villalba plowed the money into his coffee shop, called Rico Latte, bought real estate and of course paid off some early investors.
An SEC press release explains that Villalba did actually trade some of the money, which resulted in a loss of $17 million dollars. It also says that Villalba sunk $1.2 million into his Rico Latte coffee shop, which has a private conference room enclosed in glass with a long board of directors conference table, leather chairs and a TV, only accessible by secret code.
Here’s a picture:
An entry for Rico Latte on CityVoter states that it began “as a coffee cart in a small Christian bookstore.”
Although Villalba’s $30 million dollar ponzi is making headlines, it still pales in comparison to New York attorney Marc Drier’s $700 million ponzi.
A record of Villalba being licensed to practice law in any state could not be found in Avvo.
