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.
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.
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.
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."
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.
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.
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.
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.
Arcadia couple Edward Chen, aka Jianqiao Chen, Jian Qiao Chen, and Jian Chen aka Jing Jiang and Jean Jiang, accused of fraud involving defrauding investors through EB-5 visa schemes. The couple's companies raised more than $22.5 million from 45 Chinese investors, purportedly to build an interior design center in Ontario and a condominium building in Los Angeles. See also "Arcadia couple faces court hearing for stealing $12 million," Arcadia Weekly, p. 1,3 October 5, 2017.
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.
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.
Fair Political Practices Committee (FPPC) may fine Arcadia's disgraced former mayor John Wuo $2000 for his failure to report certain financial rewards from his participation in the now infamous Gemcoin scam.
The coroner's spokesperson Craig Harvey, says an autopsy has confirmed that Li Zhu died of asphyxia, and the death was ruled a suicide. Li Zhu was a 68-year-old Arcadia man found hanging in his jail cell on January 8. He was arrested on suspicion of fatally stabbing his daughter-in-law, Xiaolin Li, in the 900 block of Arcadia Avenue.
Jo Anne Seaman, who is blind, shared her personal stories and her red ham radio with Camino Grove Elementary School fourth graders (in photo with Seaman) Nathan Chien, Audrey Cho, Bradford Hunt, Jonas Yee, Elise Fong.
Li Zhu, a 68-year-old Arcadia man suspected in the death of his daughter-in-law, Xiaolin Li, was found dead in his jail cell at Twin Towers Correctional Facility at 450 Bauchett Street in Los Angeles. Deputies found him hanging in his cell, in an apparent suicide.
Arcadia man Ziwen Li, 30, arrested in attempted robbery of $50,000 from a man who arranged to meet Li to buy a used car, a Porsche Cayenne. See also Arcadia Weekly, May 4, 2017, p. 1, 13.
41-year-old female Xiaolin Li, a resident of Arcadia, was stabbed and murdered on January 7, 2014 at an apartment in the 900 block of Arcadia Avenue. The arrested suspect was identified as the victim's father-in-law Li Zhu, a 68-year-old resident of Arcadia. The motive appears to be related to an on-going dispute within the family. The victim and suspect resided together.