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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

Arcadia City Councilman John Wuo resigned, citing health and personal reasons. He had served on council for 12 years, including as mayor for 3 terms. His resignation comes on the heels of a lawsuit and intense scrutiny of his alleged involvement with GemCoin (digital currency) and alleged violations of the Political Reform Act's statement of economic interests disclosure requirement and conflict of interest.

https://arcadiahistory.andornot.com/en/permalink/newspaper34319
Newspaper
Pasadena Star News
Date
October 7, 2015
Pages
p. A1, A4
More detail
Newspaper
Pasadena Star News
Date
October 7, 2015
Pages
p. A1, A4
Subjects
Arvizu, David
Gemcoin (company)
US Fine Investment Arts, Inc. (USFIA)
Wuo, John
Item ID
34513AN
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 Councilman John Wuo's ties to GemCoin (digital currency) draw scrutiny. The Fair Political Practices Commission is investigating him for a potential violation of the Political Reform Act. Arcadia resident David Arvizu filed the complaint with the FPPC.

https://arcadiahistory.andornot.com/en/permalink/newspaper34320
Newspaper
Pasadena Star News
Date
October 6, 2015
Pages
p. A1, A4
More detail
Newspaper
Pasadena Star News
Date
October 6, 2015
Pages
p. A1, A4
Subjects
Arvizu, David
Gemcoin (company)
US Fine Investment Arts, Inc. (USFIA)
Wuo, John
Item ID
34512AN
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 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

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

Bradbury man Steve Chen, CEO of U.S. Fine Investment Arts, Inc. Gem Coin, and other companies, allegedly conspired to commit fraud with his Arcadia-based marketing company, to plead guilty. He promised potential investors gemstones from their mines along with valuable digital currency. See also Arcadia Weekly, p. 4, February 27, 2020.

https://arcadiahistory.andornot.com/en/permalink/newspaper35675
Newspaper
Pasadena Star News
Date
February 21, 2020
Pages
p. A4, A4
More detail
Newspaper
Pasadena Star News
Date
February 21, 2020
Pages
p. A4, A4
Subjects
Chen, Steve
Crime and Criminals
Cryptocurrency
Fine Investment Arts, Inc.
Gem Coin
Collection
Newspaper Index
Less detail

Discussion of where the city invests $46 million is presented.

https://arcadiahistory.andornot.com/en/permalink/newspaper26405
Newspaper
Arcadia Weekly
Date
September 10, 1998
Pages
p. 1
More detail
Newspaper
Arcadia Weekly
Date
September 10, 1998
Pages
p. 1
Subjects
Investments
Item ID
26605AN
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

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
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Feds move to seize homes in San Gabriel Valley, Rancho Cucamonga. The properties were allegedly purchased with millions in proceeds from what FBi investigators said was a fraudulent visa program. Victoria Chan and her father Tat Chan exploited the EB-5 visa program which offers legal permanent residence in the U.S. for foreign nationals who make job-creating investments of $500,000 or more in U.S. companies.

https://arcadiahistory.andornot.com/en/permalink/newspaper34889
Newspaper
Pasadena Star News
Date
May 26, 2017
Pages
p. A5
More detail
Newspaper
Pasadena Star News
Date
May 26, 2017
Pages
p. A5
Subjects
California Investment Immigration Fund
Chan, Tat
Chan, Victoria
EB-5 Visa Program
Fraud
Item ID
35079AN
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

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

Former TV finance analyst from Arcadia James Arthur McDonalds, Jr. charged with lying to investors about the health of his finance firm and failing to disclose massive losses incurred through risky investments following the onset of the COVID-19 pandemic. McDonald was CEO of Los Angeles-based Hercules Investments and Redondo Beach-based Index Strategy Advisors Inc. He is believed to be in hiding.

https://arcadiahistory.andornot.com/en/permalink/newspaper36342
Newspaper
Arcadia Weekly
Date
September 29, 2022
Pages
p. 15
More detail
Newspaper
Arcadia Weekly
Date
September 29, 2022
Pages
p. 15
Subjects
Crimes and criminals
Fraud
Hercules Investments
McDonald, James Arthur, Jr.
Collection
Newspaper Index
Less detail

GemCoin (cryptocurrency, digital currency) investors share fraud concerns with Arcadia City Council. Councilman John Wuo declined to respond to accusations of wrongdoing and their call for his resignation from council. Former Arcadia council member Floretta Lauber defended John Wuo.

https://arcadiahistory.andornot.com/en/permalink/newspaper34322
Newspaper
Arcadia Weekly
Date
September 17, 2015
Pages
p. 1, 16, 17
More detail
Newspaper
Arcadia Weekly
Date
September 17, 2015
Pages
p. 1, 16, 17
Subjects
Arvizu, David
Gemcoin (company)
US Fine Investment Arts, Inc. (USFIA)
Wuo, John
Item ID
34516AN
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

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

Some residents call for Arcadia City Councilman John Wuo's resignation amid allegations that he used his position to influence local Chinese Americans to invest hundreds of thousands of dollars into a company called US Fine Investment Arts, Inc., which sells GemCoin, a digital currency, that some investors allege is fraudulent.

https://arcadiahistory.andornot.com/en/permalink/newspaper34312
Newspaper
Pasadena Star News
Date
September 17, 2015
Pages
p. A3
More detail
Newspaper
Pasadena Star News
Date
September 17, 2015
Pages
p. A3
Subjects
Gemcoin (company)
US Fine Investment Arts, Inc.
Wuo, John
Item ID
34506AN
Collection
Newspaper Index
Less detail

Some residents call for Arcadia City Councilman John Wuo's resignation amid allegations that he used his position to influence local Chinese Americans to invest hundreds of thousands of dollars into a company called US Fine Investment Arts, Inc., which sells GemCoin, a digital currency, that some investors allege is fraudulent.

https://arcadiahistory.andornot.com/en/permalink/newspaper34313
Newspaper
Pasadena Star News
Date
September 17, 2015
Pages
p. A3
More detail
Newspaper
Pasadena Star News
Date
September 17, 2015
Pages
p. A3
Subjects
Gemcoin (company)
US Fine Investment Arts, Inc.
Wuo, John
Item ID
34506AN
Collection
Newspaper Index
Less detail

21 records – page 1 of 2.