Federal Judge Curtis Collier has denied a request to delay the sentencing for a man who swindled investors out of millions of dollars, including the life savings of many.
Judge Collier said the sentencing for Luis Rivas will remain set for Nov. 19 at 9 a.m.
Mary Ellen Coleman of the federal defender's office had asked for the delay, but prosecutor Gary Humble opposed it.
Judge Collier said Ms. Coleman has had almost a year to become familiar with the case and investigate the claims against Rivas.
Judge Collier had earlier extended time in the case by declaring it a complex case.
Ms. Coleman said there were a number of unresolved issues in the Rivas bankruptcy over the number of victims, the loss amounts and the restitution amounts. She said that information was needed in order for Rivas to receive a fair sentencing hearing.
Rivas earlier pleaded guilty to charges from Tennessee and South Carolina.
He pleaded guilty to wire fraud, money laundering and bankruptcy fraud from Chattanooga and two counts of wire fraud from Spartanburg, S.C., where Rivas set up one of his offices.
He faces up to 20 years in prison on the wire fraud, 10 years on money laundering and five years on bankruptcy fraud.
Prosecutor Humble put the amount of the swindle at $18 million.
Gray Steed, a retired FBI agent from Knoxville who has been trying to retrace Rivas' complex dealings for more than a year, earlier said $35 million in claims have been filed against him.
He said it is believed the actual amount invested with him was up to $28 million.
Mr. Steed said some early investors got returns on their money from funds supplied by later investors.
He said about $3.5 million has been recovered for the benefit of those who invested and lost their money.
Mr. Steed said, "Quite a few people lost their life savings. They gave him the ful amount of their retirement funds."
He said the swindle reached 23 states.
Authorities said Rivas claimed he was a skilled foreign currency investor, but he said he actually only invested about $6 million of the millions he received.
Prosecutor Humble said the rest went in gifts to girlfriends and employees.
He went on the run after three of the investors filed an action in Chattanooga Bankruptcy Court. He was eventually caught in Kansas.
His main base of operation was in the Bonny Oaks area, but he also set up offices in Spartanburg, Florida, Oklahoma and elsewhere.
Rivas had spent time in prison in Arizona after pleading guilty to fraudulent activity there.