Carlos Reyes Owner of business he dubbed Mexican Chamber of Commerce

Carlos Reyes, owner of a local business that he dubbed the Mexican Chamber of Commerce, was arrested Tuesday on 21 federal securities fraud-related charges that authorities allege stem from bogus investments he used to bilk members of the Hispanic community.

"This is the culmination of an investigation that has been going on for months," Assemblyman Mo Denis, D-Las Vegas, said at a news conference Tuesday afternoon. "This is a great day for the Hispanics here."

Several people who said they lost thousands of dollars to Reyes contacted Denis with complaints about the business owner, including allegations that he threatened some of them with deportation if they reported him to authorities.

"It made it real difficult for them to come forward," Denis said.

The assemblyman served as a go-between, conveying information from Reyes' accusers to the securities division of the secretary of state's office that investigated the charges.

Denis on Tuesday joined Chris Lee, the office's deputy secretary for Southern Nevada, and several accusers in front of Reyes' business office on Maryland Parkway near Carson Avenue.

Martha Caldera said she gave more than $2,000 to Reyes in 2005.

"He said we would invest to buy houses and would see a return in one year," Caldera said in Spanish. "The year came and went."

Caldera said 22 people have come forward with similar claims.

Miguel Sierra, a retired school bus driver, said he gave about $5,000 to Reyes in 2005. "I didn't receive any money, any records," Sierra said. "He (Reyes) said it was a good investment and we would make a large amount of money."

Denis said Reyes' business is not a chamber of commerce.

"It's not a group with a board," he said.

"It's an individual who has a business and called it the Mexican Chamber of Commerce. It's misleading."

The business has no affiliation with the local Latin Chamber of Commerce.

Denis said he fears many more people were fleeced by Reyes but are afraid to come forward because of their immigration status.

"If people come forward, we will act on these things," he said. "They don't need to be afraid they'll be deported."

Caldera said it was important to "stop the robbing of our people."

Reyes advertised his investment opportunities on Spanish-language radio station KRLV-AM.

"Hearing him on the radio made him sound legit," said Helena Garcia, vice president of Latinos en Accion, an advocacy group. "He's been taking $2,000 to $5,000 (from each person), saying he's investing in real estate. He made up his own company."

Reyes was being held Wednesday in the Clark County Detention Center on $63,000 bail. He was to make his initial court appearance this morning.

Lee said anyone who invested with Reyes should call the Nevada secretary of state's hot line at 1-800-758-6440. A Spanish-language operator is available at the number.