THOUSAND OAKS : Man Accused of Pyramid Scheme
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Sheriff’s deputies arrested a Thousand Oaks man Tuesday night on suspicion of running a pyramid scheme.
Rosario Felix Ruelas, 31, of 807 Sheffield Place is accused of offering people a return of $16,000 for an initial investment of $2,000, police said.
The scheme targeted Latinos, and police say they have documented four cases of people who fell victim to Ruelas’ alleged pyramid scheme.
Authorities, however, suspect there were many other victims.
Pyramid schemes are not uncommon in the area, police said.
Simi Valley police recently arrested seven people, including a police officer, in connection with a suspected game.
“I’ve been here for 15 years and I’ve seen a lot of people fall prey to someone promising them something for nothing,” Detective Dave Ehrlich said.
Ruelas, who was under investigation since May, was booked and released from the Ventura County Jail pending arraignment, police said.
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