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Federal receiver released report #2 saying there is no indication USFIA's Gemcoin was legitimate.

https://arcadiahistory.andornot.com/en/permalink/newspaper34493
Newspaper
Arcadia Weekly
Date
March 10, 2016
Pages
p. 1, 23
More detail
Newspaper
Arcadia Weekly
Date
March 10, 2016
Pages
p. 1, 23
Subjects
Chen, Steve
Fraud
Gemcoin (company)
Ponzi scheme
US Fine Investment Arts, Inc. (USFIA)
United States Securities and Exchange Commission (SEC)
Wuo, John
Item ID
34685AN
Collection
Newspaper Index
Less detail

Arcadia firm US Fine Investment Arts (USFIA) is charged in fraud. Securities and Exchange Commission (SEC) alleges operator used GemCoin in a worldwide pyramid scheme, allegedly bilking investors out of $32 million.

https://arcadiahistory.andornot.com/en/permalink/newspaper34317
Newspaper
Pasadena Star News
Date
October 3, 2015
Pages
p. A1, A6
More detail
Newspaper
Pasadena Star News
Date
October 3, 2015
Pages
p. A1, A6
Subjects
Chen, Steve
Gemcoin (company)
US Fine Investment Arts, Inc. (USFIA)
Wuo, John
Item ID
34510AN
Collection
Newspaper Index
Less detail

Troubles mount in GemCoin (digital currency) scheme. Arcadia company is accused of scamming investors out of millions in a pyramid scheme since 2013, possibly earlier. Arcadia Councilman John Wuo denies any involvement, even after YouTube videos surfaced showing him at Gemcoin marketing events.

https://arcadiahistory.andornot.com/en/permalink/newspaper34318
Newspaper
Pasadena Star News
Date
October 2, 2015
Pages
p. A1, A6
More detail
Newspaper
Pasadena Star News
Date
October 2, 2015
Pages
p. A1, A6
Subjects
Chen, Steve
Gemcoin (company)
Johnson, Leonard Stacy
US Fine Investment Arts, Inc. (USFIA)
Wuo, John
Zhao, Weiwen (Wayne)
Item ID
34511AN
Collection
Newspaper Index
Less detail

A recent report filed in federal court says Gemcoin's scam collected $164 million. Initially, investigators linked Gemcoin to $32 million in fraudulent investment. Steven Chen, his company U.S. Fine Investment Arts Inc., and Gemcoin (digital currency backed by precious gem reserves and amber mines) are accused of a "worldwide pyramid scheme."

https://arcadiahistory.andornot.com/en/permalink/newspaper34615
Newspaper
Pasadena Star News
Date
July 24, 2016
Pages
p. A7
More detail
Newspaper
Pasadena Star News
Date
July 24, 2016
Pages
p. A7
Subjects
Chen, Steven
Crime and Criminals
Fraud
Gemcoin
Seaman, Thomas
U.S. Fine Investment Arts Inc.
Item ID
34807AN
Collection
Newspaper Index
Less detail

Forty-nine year old Arcadia man Terchi Liao, aka Nelson Liao, was allegedly running a Ponzi scheme, conning people nationwide into investing in two firms he controlled, AOB Commerce Inc. and AOB Asia Fund I LLC. A federal judge has frozen Liao's assets.

https://arcadiahistory.andornot.com/en/permalink/newspaper30617
Newspaper
Pasadena Star News
Date
July 14, 2007
Pages
p. News 7
More detail
Newspaper
Pasadena Star News
Date
July 14, 2007
Pages
p. News 7
Subjects
Crime and Criminals
Liao, Terchi aka Liao, Nelson
Ponzi schemes
Securities and Exchange Commission (SEC)
Item ID
30805AN
Collection
Newspaper Index
Less detail

Documents reveal fraud case against Arcadia-based Gemcoin, a cryptocurrency investment scheme. The Securities and Exchange Commission's (SEC) ultimate goal is to make Gemcoin chief Steve Chen return alleged fraudulently acquired millions with interest, pay hefty fines, and ban him from the securities business.

https://arcadiahistory.andornot.com/en/permalink/newspaper34329
Newspaper
Arcadia Weekly
Date
October 8, 2015
Pages
p. 1, 16
More detail
Newspaper
Arcadia Weekly
Date
October 8, 2015
Pages
p. 1, 16
Subjects
Chen, Steve
Gemcoin (company)
United States Securities and Exchange Commission (SEC)
US Fine Investment Arts, Inc. (USFIA)
Wuo, John
Item ID
34522AN
Collection
Newspaper Index
Less detail

SEC reports show Gemcoin, USFIA were set up to 'defraud investors.' USFIA claimed it had amber mines, millions in precious gems, and other assets to back up its digital currency called Gemcoin, but none of that was real.

https://arcadiahistory.andornot.com/en/permalink/newspaper34499
Newspaper
Pasadena Star News
Date
March 20, 2016
Pages
p. A5
More detail
Newspaper
Pasadena Star News
Date
March 20, 2016
Pages
p. A5
Subjects
Chen, Steven
Cryptocurrency
Fraud
Gemcoin (company)
Liu, Long Z.
Ponzi scheme
US Fine Investment Arts, Inc. (USFIA)
United States Securities and Exchange Commission (SEC)
Wuo, John
Zhao, Jennifer aka Zhao, Li
Item ID
34691AN
Collection
Newspaper Index
Less detail

Arcadia company Gemcoin, a digital currency or "cryptocurrency," has been using Arcadia City Councilman John Wuo's image on its website and marketing materials. John Wuo denies any endorsement of Gemcoin.

https://arcadiahistory.andornot.com/en/permalink/newspaper34234
Newspaper
Arcadia Weekly
Date
July 2, 2015
Pages
p. 1, 12, 13
More detail
Newspaper
Arcadia Weekly
Date
July 2, 2015
Pages
p. 1, 12, 13
Subjects
Allied Financial Group
Chen, Steve
Gemcoin
U.S. Fine Investment Arts
Wuo, John
Item ID
34428AN
Collection
Newspaper Index
Less detail

Arcadia firm GemCoin proves it owns amber mines in Caribbean, backing E-currency (cryptocurrency), despite earlier claims those mines did not exist. Still, there is no evidence GemCoin's digital currency had any revenue backing it beyond the funds generated from investors, according to court-appointed company tasked with going through U.S. Fine Investment Art Inc.'s books. Investigators found 300 acres of land in Dominican Republic, with a working mine, purchased for $373,000 in the name of CEO Steve Chen's brother Yan Chen.

https://arcadiahistory.andornot.com/en/permalink/newspaper34724
Newspaper
Pasadena Star News
Date
November 23, 2016
Pages
p. A1, A6
More detail
Newspaper
Pasadena Star News
Date
November 23, 2016
Pages
p. A1, A6
Subjects
Chen, Steve
Chen, Yan
Cryptocurrency
Gemcoin
U.S. Fine Investment Art Inc.
Item ID
34916AN
Collection
Newspaper Index
Less detail

Arcadia-based company US Fine Investment Arts, Inc. is under investigation by state and federal agencies as it faces allegations from investors that it swindled them out of hundreds of thousands of dollars. The company has connections to Arcadia Councilman John Wuo.

https://arcadiahistory.andornot.com/en/permalink/newspaper34311
Newspaper
Pasadena Star News
Date
September 16, 2015
Pages
p. A1, A4
More detail
Newspaper
Pasadena Star News
Date
September 16, 2015
Pages
p. A1, A4
Subjects
Chen, Steve
Gemcoin (company)
US Fine Investment Arts, Inc.
Wuo, John
Yang, Solomon
Item ID
34505AN
Collection
Newspaper Index
Less detail

Thomas Seaman, investigator of alleged Gemcoin fraud, issues first report. It reveals mounting evidence of fraudulent activity by Arcadia businessman Steve Chen a.k.a. Li Chen or Chen Li, whose business was at 135 E. Live Oak Ave., currently in receivership.

https://arcadiahistory.andornot.com/en/permalink/newspaper34350
Newspaper
Arcadia Weekly
Date
November 26, 2015
Pages
p. 1, 16
More detail
Newspaper
Arcadia Weekly
Date
November 26, 2015
Pages
p. 1, 16
Subjects
Chen, Steve aka Li Chen or Chen Li
Chen, Mo
Gemcoin (company)
Seaman, Thomas
Zhao, Jennifer aka Li Zhao or Zhao Li
Item ID
34543AN
Collection
Newspaper Index
Less detail

Feds seize assets of US Fine Investment Arts (USFIA), a company that sells GemCoin, a digital currency that is purportedly backed by amber and other precious gems. Arcadia City Councilman John Wuo has denied any connection to the company. Securities and Exchange Commission served a temporary restraining order against USFIA and CEO Steven Chen. USFIA is under scrutiny for allegedly defrauding investors.

https://arcadiahistory.andornot.com/en/permalink/newspaper34316
Newspaper
Pasadena Star News
Date
September 30, 2015
Pages
p. A1, A4
More detail
Newspaper
Pasadena Star News
Date
September 30, 2015
Pages
p. A1, A4
Subjects
Chen, Steve
Gemcoin (company)
US Fine Investment Arts, Inc. (USFIA)
Wuo, John
Item ID
34509AN
Collection
Newspaper Index
Less detail

A federal judge set bail at $100,000 Friday for Arcadia resident Po Chieng Ma, accused in a scheme to funnel graduate-school test answers from coast to coast and provide them to test-takers on coded pencils.

https://arcadiahistory.andornot.com/en/permalink/newspaper8018
Newspaper
Pasadena Star News
Date
November 2, 1996
Pages
p. A3
More detail
Newspaper
Pasadena Star News
Date
November 2, 1996
Pages
p. A3
Subjects
Crime and Criminals
Ma, Po Chieng
Item ID
7978AN
Collection
Newspaper Index
Less detail

A Sacramento judge ruled that the name of Harry Frank Scolinos of Arcadia will be placed on the Republican March 2 Primary ballot

https://arcadiahistory.andornot.com/en/permalink/newspaper27228
Newspaper
Pasadena Star News
Date
December 25, 2003
Pages
p. A3
More detail
Newspaper
Pasadena Star News
Date
December 25, 2003
Pages
p. A3
Subjects
Scolinos, Harry Frank
Elections
Item ID
27426AN
Collection
Newspaper Index
Less detail

Some 44 teachers will receive layoff notices despite the finding of Judge Neher who ruled the board should eliminate only 38.9 positions.

https://arcadiahistory.andornot.com/en/permalink/newspaper2819
Newspaper
Arcadia Tribune
Date
May 28, 1981
Pages
p. A-1
More detail
Newspaper
Arcadia Tribune
Date
May 28, 1981
Pages
p. A-1
Subjects
Schools - Employees
Item ID
2749AN
Collection
Newspaper Index
Less detail

Arcadia Gem Coin mastermind Steve Chen sentenced to 10 years in prison. One of Arcadia’s largest financial scandals in 2015 involved cryptocurrency and a host of well-known public officials, including a former Arcadia mayor, for involvement in a Ponzi scheme that ultimately shut down the operations of the Arcadia business known as U.S. Fine Investment Arts, Inc. (USFIA).

https://arcadiahistory.andornot.com/en/permalink/newspaper35891
Newspaper
Arcadia Weekly
Date
January 14, 2021
Pages
p. 2
More detail
Newspaper
Arcadia Weekly
Date
January 14, 2021
Pages
p. 2
Subjects
Chen, Steve
Cryptocurrency
Gem Coin
US Fine Investment Arts, Inc. (USFIA)
Collection
Newspaper Index
Less detail

Feds raid US Fine Investment Arts (USFIA) offices in Arcadia; Wuo's connections under more scrutiny.

https://arcadiahistory.andornot.com/en/permalink/newspaper34328
Newspaper
Arcadia Weekly
Date
October 1, 2015
Pages
p. 1, 16
More detail
Newspaper
Arcadia Weekly
Date
October 1, 2015
Pages
p. 1, 16
Subjects
Chen, Steve
Gemcoin (company)
United States Securities and Exchange Commission (SEC)
US Fine Investment Arts, Inc. (USFIA)
Wuo, John
Item ID
34521AN
Collection
Newspaper Index
Less detail

In William Cottrell's trial, the jury never got to hear evidence about his Asperger's Syndrome. Judge R. Gary Klausner ruled that Asperger's could not be introduced at trial as a legal defense. The 9th Circuit Court of Appeals ruled that Klausner's ruling was a mistake and tossed out Cottrell's arson convictions, leaving only the conspiracy count. Last week Cottrell was re-sentenced to the original 100-month term for the conspiracy conviction, after prosecutors declined to retry the arson counts. One reason federal officials declined was because they did not want Asperger's Syndrome established as a viable legal defense.

https://arcadiahistory.andornot.com/en/permalink/newspaper31824
Newspaper
Pasadena Star News
Date
November 22, 2009
Pages
p. A1
More detail
Newspaper
Pasadena Star News
Date
November 22, 2009
Pages
p. A1
Subjects
Arson
Asperger's Syndrome
Automobile Dealerships
Cottrell, William Jensen (aka Cottrell, Billy)
Crime and Criminals
Earth Liberation Front (ELF)
Ecoterrorism and ecoterrorists
Sport Utility Vehicles (SUV)
Trials
Vandalism
Item ID
32021AN
Collection
Newspaper Index
Less detail

In the lawsuit filed by El Monte against Arcadia, a Los Angeles Superior Court Judge ruled that Arcadia acted properly in its decision to permit a storage facility in the southeast portion of the City.

https://arcadiahistory.andornot.com/en/permalink/newspaper8
Newspaper
Arcadia Tribune
Date
June 1, 1968
Pages
p. A-1
More detail
Newspaper
Arcadia Tribune
Date
June 1, 1968
Pages
p. A-1
Subjects
Actions and Defenses
Item ID
8AN
Collection
Newspaper Index
Less detail

A federal apeals court overturned William Cottrell's (aka Billy Cottrell), convictions on two counts of arson for his role in the 2003 torching of several sport utility vehicles (SUV) at San Gabriel Valley car dealers, attacks authorities blamed on a radical environmentalist group. The court ruled that the judge in his trial should have allowed testimony regarding Cottrell's Asperger's Syndrome, a disability that could have affected the jury's decision.

https://arcadiahistory.andornot.com/en/permalink/newspaper31675
Newspaper
Pasadena Star News
Date
September 11, 2009
Pages
p. A1, A4
More detail
Newspaper
Pasadena Star News
Date
September 11, 2009
Pages
p. A1, A4
Subjects
Arson
Automobile Dealerships
Cottrell, William Jensen (aka Cottrell, Billy)
Crime and Criminals
Earth Liberation Front (ELF)
Ecoterrorism and ecoterrorists
Sport Utility Vehicles (SUV)
Trials
Vandalism
Item ID
31873AN
Collection
Newspaper Index
Less detail

20 records – page 1 of 1.