As many as 2,000 U.S. and International Investors from Florida, California, Georgia, Nevada, New Jersey, New York, Michigan, North Carolina, South Carolina, Texas, Virginia, Chile, Colombia, Dominican Republic, French Guiana, Panama, Venezuela, and Elsewhere May Be Impacted

MIAMI, Oct. 11, 2010 – As many as 2,000 U.S. and international investors may be the victims of a multi-million dollar Ponzi scheme that was recently uncovered in Miami.

Miami-based Coravca Distributions LLC and Timeline Trading Corp. were allegedly marketed as legitimate foreign currency exchange investment companies by ringleaders Rosa Villorreal and Diego Corado, but were instead used to facilitate the widespread international investor scam, according to an emergency complaint filed in September.

The Ponzi scheme is estimated to have impacted as many as 2,000 investors worldwide with a principal focus on investors fromCalifornia, Florida, Georgia, Nevada, New Jersey, New York, Nevada, North Carolina, South Carolina, Texas, Virginia, Chile, Colombia, Dominican Republic, French Guiana, Panama and Venezuela. Early indications suggest that there are victims from other locations as well.

In a classic Ponzi scheme, investors are promised high rates of return on their investments. Instead of their investment capital being used for legitimate investment purposes, it is used by the fraudsters to fund personal expenses and pay disguised “returns” to earlier investors.

Amir A. Isaiah, Esq., director of Receivership and Fiduciary Services for Kaufman Rossin, has been appointed receiver over the Miami-based companies. A receiver is an independent person appointed by the Court to assist in resolving complex problems, and is a fiduciary of the Court. Broad and Cassel is serving as Receiver’s counsel and can be reached at 305.373.9400 c/o Michelle T. Visiedo-Hidalgo, Esq. mvisiedo@broadandcassel.com or Mark F. Raymond, esq., mraymond@broadandcassel.com.

If you believe that you are a victim of the fraud perpetrated by “Coravca Distributions LLC, Timeline Trading Corp., and all other entities operated, controlled or otherwise associated with the defendants’ activities,” please contact the Receiver immediately via the Receiver’s toll free number at 866.357.9634 or via email at receiver@coravcareceiver.com. Information, including supporting documentation, may also be submitted directly via the Receiver’s website at www.coravcareceiver.com. 

Additional information, including the Court Order and Receiver’s Notice to Investors, is available at the receiver’s website atwww.coravcareceiver.com.