Usfia gemcoin ponzi. Update 2nd July 2015 – Arcadia City Mayor John Wuo has publicly denied any involvement in USFIA. Gemcoin was one of the early cryptocurrency schemes to target vulnerable investors with the promise of high returns. Jan 12, 2021 · Chen was the owner and CEO of US Fine Investment Arts, Inc. For those unfamiliar with the scheme, USFIA push the Zeek Rewards Ponzi points model through their GemCoin cryptocurrency. A recent Chinese news report (June 26th) suggests the scheme is not paying out its members, with those scammed planning legal action against the company. 55. Jun 28, 2015 · The current status of USFIA as a Ponzi scheme is unclear. Steve Chen’s properties seized. Oct 1, 2015 · According to the SEC’s complaint, Chen falsely promoted USFIA as a legitimate multi-level marketing company that owns several large and valuable amber mines in Argentina and the Dominican Republic. Jul 2, 2015 · A few days ago we reviewed the USFIA MLM business opportunity, concluding it to be yet another MLM cryptocurrency Ponzi points scheme. (USFIA) and six other companies that used the same address. 7% recovery. As part of our review, we noted the appearance of John Wuo on stage at USFIA GemCoin events: John Wuo is a prominent politician in Arcadia City, California. Jun 28, 2015 · Update 28th June 2015 – For a deeper look into the origins of USFIA, in particular their operations in China, read our “ Digging deeper into the USFIA GemCoin Ponzi scam ” follow up article to this review. Between July 2013 and September 2015, Chen fraudulently promoted and solicited USFIA investments in one of the largest pyramid schemes ever prosecuted in this district. To put that figure into perspective, the SEC allege USFIA was a $32 million dollar Ponzi scheme. A California court has sentenced 10 years of imprisonment sentence on Monday to Steve Chen, the Founder of notorious Gemcoin, which defrauded tens of thousands of investors. Jan 12, 2021 · The founder of GemCoin faces ten years in prison for a $147 million fraud, which duped more than 70,000 victims into investing in a gemstone-backed token. Despite stressing that additional accounting is required to ‘ identify additional assets to be recovered ‘, to date the USFIA Receiver has recovered $20,447,824. Oct 6, 2015 · The US Securities and Exchange Commission (SEC) announced on Thursday that it’s broken up an alleged $32 million Ponzi scheme that promised to mine amber and pay out profits in so-called “Gemcoin” cryptocurrency. Oct 2, 2015 · On 9/29, Gemcoin’s issuer USFIA in Arcadia was closed by US government. Steve Chen and his 13 some companies was sued by SEC for operating a 32 million pyramid scheme. 4 million dollars represents a 63. Jan 13, 2021 · Founder of GemCoin Sentenced to 10 Years Imprisonment for $147 Million for Crypto Ponzi Scheme Between 2013 and 2015, Chen masterminded the Ponzi scheme which defrauded approximately 70,00 users of GemCoin. Mar 4, 2021 · A Californian company is alleged to run a Ponzi scam by duping investors of $32 million payout in Gemcoin, a cryptocurrency secured in 'Amber holdings'. A regulatory investigation and subsequent legal action would certainly put questions of Wuo’s apparent ties to USFIA to rest. The US Securities and Exchange Commission (SEC) announced last week that it had broken up a suspected $32 million Ponzi scheme that vowed to mine amber and disburse profits in so-called “Gemcoin” digital currency, reported Naked Security. $20. Having first been elected to City Council back in 2002, Wuo has since served as Mayor for three separate Sep 11, 2015 · Stern said. rltclrf 4wgn foj 9grp fircsqf crdx ypsw s9hrjsm 3arde exnmv