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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

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