One of the properties allegedly bought with stolen funds. One of the properties allegedly bought with stolen funds.

Swindler of thousands lives in luxury: suit

Ficrea boss believed to have invested in 100 US properties, earning permanent residency

The former head of a financial services company that defrauded billions of pesos from thousands of investors is now living a life of luxury as a wealthy investor in the United States.

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The scam involving Ficrea, detected in 2014, swindled at least 7,000 investors of some 2.7 billion pesos (US $183 million at the time). Many of those lost their life savings.

Considered a fugitive by Mexican authorities, Rafael Olvera Amezcua used stolen funds to gain a permanent residency visa in the U.S. under the EB-5 Immigrant Investor Program, claims a lawsuit filed against him.

Under the program, foreigners who invest at least US $500,000 in certain designated projects and regions in the country can obtain a permanent resident visa that extends to family members included in the application.

Javier Navarro, the bankruptcy trustee for Ficrea, filed the lawsuit against the firm’s ex-boss at a county court in Miami-Dade, Florida.

“Olvera used funds transferred from Mexico to participate in the EB-5 investor visa program and we have information that he indeed obtained a permanent resident visa at the end of 2014 or the start of 2015,” the lawsuit claims.

The legal action seeks to recover more than 100 properties Olvera and his family have bought in the United States with the aim of securing compensation to the tune of US $195 million.

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The lawsuit also states that approval of Olvera’s visa application has allowed him to avoid prosecution in Mexico.

“Obtaining this visa has enabled Olvera and his family (wife, son and daughter-in-law) to remain outside the reach of Mexican authorities and continue squandering funds stolen from Ficrea.”

At least four arrest warrants have been issued against Olvera in Mexico but he has reportedly not had any problem with U.S. authorities.

A hearing related to the lawsuit is not scheduled until July 2018.

Apart from US $53 million spent on 108 properties, Olvera and his family have allegedly bought 54 luxury cars in Florida, many of them after Ficrea went bankrupt in 2014.

Other companies owned by Olvera or operated through third parties continued to generate revenues for him even after Ficrea was shut down and he had fled to the United States.

Source: Reforma (sp)

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  • Shine

    i’ll go get him for $500,000.

  • These are the “best people” that Trump spoke of. No wall will be built to exclude these wealthy crooks. They will not be hunted down and jailed or deported, we reserve that treatment for the working classes.

    • James

      Read the damned page–it says 2014 & 2015 –your best bud, the muslim in chief was letting the gates open !!

      • Sharon

        PLEASE FFS STOP CALLING President Obama a Muslim! What proof do you have for that?? NONE I bet – you people are so stupid it makes me sick. I suppose you think Drumpfy can do no wrong? Do not bother to respond you seem to like crooks.

        • djr4nger

          He may not be muslim, but the fact that he had a muslim father and spent two years of his youth in an Islamic madrassa during his time in Indonesia and that he surrounded himself with muslim advisors in his administration certainly belies a certain level of ‘comfort’ with Islam, don’t you think?

          • cruz_ctrl

            you should look up the definition of “belie”… (google it)

          • djr4nger

            thanks for the heads up – ‘reveals’ is a more accurate word

    • Sharon

      Believe me the Mexican people do not like these type of crooks either. But to say that only Mexicans do things like this, means you have forgotten about Bernie Madoff and your sitting president is crooked to – otherwise why will he not show his tax returns? Then there is the whole Russian thing with Putin, Kushner, Don Jr etc. This person need to be prosecuted to the full extent of the law, but you can bet he does not want to get brought back here. Mexican jails are not the country clubs like the USA. Even the worst US jail is a party compared to here.

      • I don’t believe that I wrote or implied any such thing.

      • jdwfinger

        I agree with all you said except about showing the taxes. It is the American way to pay the least possible, BUT the deductions are not made for the average American but for the rich. Again BUT, it is all legal. The only way is to eliminate these loopholes and deductions. (never happen, too much greed)

      • ben

        there is no law the pres has to show them. thats his business not yours.

  • Becky Milward

    Most likely a compadre of trump.

    • Fred Alexander

      Can you not read the comment by James – Obozo was the pres then.

    • J. M. Davis

      If he was on eof Trump’s buds why did Obama let him in and give him residency or do you think it was Hillary?

    • cooncats

      Most likely you suffer from TDS (Trump Derangement Syndrome) like your psychotic buddy Kenneth Cosby. Interesting how you liberal wackos turn a report about a Mexican thief into yet another opportunity to show the world how nuts Trump has driven you.

      • ben

        these people live & breath donald trump. what the hell else do they have to do?

    • ben

      obama was pres those days we won get over it. what has trump done to you? you are an obsesssive complusive.

  • ss

    Liberals need to get a life.Visit obama’s library when it’s built.Maybe his much deserved no bull peace prize will be on display.

  • gypsyken

    Many successful “entrepreneurs” are pirates who commit fraud, but most of them don’t get caught. It’s news when they do. Wells Fargo has just been caught with scamming car loan customers going back to 2012, by charging them for insurance they didn’t need. That scamming was going on when they got caught last year scamming customers by establishing unauthorized accounts. They were fined an amount less than the profit they made on the accounts, and they’ll be fined an amount less than the profit they made on the car insurance scam. No one will be prosecuted, and the fines will simply be a cost of making money. As the orange-headed fascist monster who occupies the U.S. White House is becoming increasingly deranged about the possibility that the Special Prosecutor may reveal some of his financial shenanigans, much bigger news about financial fraud may be in the offing.

    • Garry Montgomery

      The American system seems to be that once you’re caught (and all of the big banks have been – BOA, Citibank, Wells Fargo, HSBC etc) they “volunteer” to pay a fine and they get a slap on the wrist and nobody goes to jail. I remember one case where the bank involved in money-laundering volunteered a $9B (yes B) fine and all was calm again! Of course the fine is never anywhere near the amount of the illegal gains . . .

      • djr4nger

        – And Washington Mutual CEO Alan Fishman got a $20 MILLION severance package after only 17 days on the job after the company tanked with a $20 BILLION loss during the housing market collapse in 2008. You can’t make this stuff up. Mexico certainly does not hold the patent on corruption.

    • cooncats

      Psychotic Kenneth Crosby gives us yet another OT rant. This is one of the worse cases of Trump Derangement Syndrome I’ve ever seen anywhere. Crosby you are mentally ill. Seek treatment.

      • gypsyken

        Many trained, licensed, and certified mental health professionals have concluded that the orange-headed monster is seriously mentally impaired by malignant narcissism. It’s easy to find their assessments on the Internet, but of course you would say that they are the mentally ill ones, just as, according to Trumpsters, real facts, such as the actual size of the inauguration crowd, are fake and “alternative facts,” the inauguration crowd being the largest in history, are true. The American Psychoanalytic Association, because of the seriousness of the situation, has relieved its members of the so-called Goldwater Rule that forbade them to comment on the mental condition of individuals who they have not actually examined. If one listens only to Faux News and Alex Jones and reads only Breitbart News, he would, of course, be unaware of the increasing number of commentators who are raising questions about the monster’s mental condition.

        • djr4nger

          And we’d still rather have him in office than any of the corrupt democrat choices. Pathetic, but true. At least he’s going after MS-13, GDP is double what it was 6 months ago and the Dow breaks a new record every week since he’s been elected. Got any better ideas for 2020?

          • gypsyken

            By”we’d” you are, of course, referring only to yourself and a dwindling minority of Americans, as the majority of Americans would prefer someone else.

          • djr4nger

            ‘we’ are about half the country. Better get busy with your ‘community organizing’. Judging from recent elections nationwide, democrats aren’t doing so well.

          • gypsyken

            There’s a serious problem with your arithmetic: 36% is little more than one-third, which is 33%, and is no where near half, which is 50%. The highest estimates of the number of Americans that approve of the orange-headed monster’s performance has been 40%, a figure the monster itself recently cited as “not too bad,” revealing that he has a problem with arithmetic, too.

          • djr4nger

            Are these the same polls that predicted overwhelming victory for Hillary? 63 million people cast their vote for Trump and the blue-collar rust belt electoral votes swung to Trump because they couldn’t stomach another Clinton in office. Trump won. Get over it. Fortunately, in our Democratic Republic, Democrats will have their chance again in 2020. Now back to Mexico news . . .

          • gypsyken

            I think it is very unlikely that the orange-headed fascist monster will be in office until 2020, and for the sake of what little democracy is left in the U.S. corporate plutocracy, I fervently hope that he is removed from it soon.

          • gypsyken
  • bajashark

    Heck I know one who lives in the White House!

  • Three score and ten

    The US does have an extradition agreement with Mexico. Why is this guy not being charged with a crime and extradited?

  • djr4nger

    The EB-5 path to citizenship – ushered in by George H Bush in 1990 – was supposed to stimulate foreign investment in the US by offering a path to citizenship. Well intended, but not supposed to be used for foreign swindlers to escape justice in their own countries. This parasite should be wasting away in a Mexican prison.

  • djr4nger

    Details, details . . .

  • Michael Osias

    Open your eyes people. Thieves exist on all levels and when you take from those who trust – you become a piece of shit regardless of your wealth and power. The great equalizer. A pile of shit is just what it appears to be.

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