Skip header and navigation
Arcadia History Collection
  Revise Search

6 records – page 1 of 1.

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 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

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

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

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

6 records – page 1 of 1.