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.
