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GemCoin ruled a pyramid scheme by federal judge.

https://arcadiahistory.andornot.com/en/permalink/newspaper34775
Newspaper
Arcadia Weekly
Date
January 5, 2017
Pages
p. 1, 11
More detail
Newspaper
Arcadia Weekly
Date
January 5, 2017
Pages
p. 1, 11
Subjects
Chen, Steve
Gemcoin
Ponzi scheme
Item ID
34966AN
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