Dallas Resident Rudy Avila Sentenced To 17+ Years For $15 Million Fraud Scheme
NORTH TEXAS (CBSDFW.COM) — A Dallas man who was found guilty of conning more than 400 investors out of nearly $15 million is headed to prison.
Rudy Avila pleaded guilty to wire fraud in 2021 and last week was sentenced to more than 17 years in federal prison. He was also ordered to pay more than $14,900,000 in restitution.
According to plea information, Avila admitted to defrauding investors in seven companies: Starwood Asset Management Fund, Commodities Investment Group International, Trading Technologies Group, Trading Ventures Group, The L.I.F.T. Group, Capital Ventures Group, and Ventures Group, LLC, none of which were registered with the US Securities and Exchange Commission or the Commodities Futures Trading Commission as required by law.
Instead of investing money in U.S. based businesses as he had represented, Avila regularly wired at least 90% of the investors' funds to bank accounts belonging to co-conspirators in Costa Rica or to make Ponzi payments to other investors.
In order to convince investors that their funds were controlled by US businesses, the 69-year-old registered multiple businesses with the Texas Secretary of State, filed sham annual reports from the businesses, set up bank accounts for the businesses, and rented office space in North Texas.
Two of Avila's co-conspirators, Eddie Alexander Contreraz and Ivan Aguirre, who both pleaded guilty to conspiracy to commit wire fraud last year, are still awaiting sentencing.
