Thursday, October 1, 2015

USFIA Update: "bank accounts show apparently NO revenue" (since 2013), and more

Official SEC press release: SEC Halts $32 Million Scheme That Promised Riches From Amber Mining

LATimes is a day late in reporting the Fed raid and shutdown of USFIA/Gemcoin, but apparently they actually read the SEC filing against USFIA, and they got a few extra details than anyone else thus far.

Here's the relevant parts:

USFIA has raised about $32 million from investors since 2013, according to the complaint. Nearly $19 million of that came from foreign investors, with $5.7 million coming from checks mostly issued by domestic investors, it said. 
The company’s bank accounts show no apparent revenue over that period, the complaint said. Instead, recorded transactions show large withdrawals to purchase luxury automobiles, entertainment and travel, as well as several transactions with various companies controlled by Chen.
and earlier in the article, Steve Chen apparently knew the gig's up, because...
Earlier this month, according to the filing, Chen attempted to wire $7.5 million out of USFIA’s account at Bank of America to a Chinese bank after he was interviewed by the Arcadia Police Department about a separate case involving alleged death threats against disgruntled Gemcoin investors. 

And it seems the politicians have nothing else to say.

Here's a US Chinapress article:

And here's my quick translation of it:

Council members involved in Gemcoin Scam? Council "not appropriate" to comment 
Attorney Long Z Liu said he will initiated a class action lawsuit against Steve Chen, John Wuo, Quen Jiang, etc. 4 people as "co-founders" of USFIA/Gemcoin. Reporter attempted to contact the 4 people named, but until 6PM the phone was either unanswered or messages were not returned.  
On morning of 30th called councilman John Wuo for his reactions to attorney Liu's reaction, but was not answered, and message left was not returned by 6PM. 
Two numbers found for Quang Jian (former Chinese comedian) in LA area, but neither number was answered and message left was not returned.  
Councilman Sho Tay was contacted . Sho Tay called back, indicating that before there's conviction the council "not appropriate" to express things related to Gemcoin scam or councilman Wuo. 

No comments:

Post a Comment