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."
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.
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.
Wei Sheng "Jackie" Chen, 46, of Arcadia, owner of Tema Media Inc., and store manager Dong Qun Lin, 40, of Alhambra, were arrested for allegedly importing and selling Chinese movie DVDs bearing an allegedly counterfeit Dolby Digital trademark. They were charged for the federal crime of trafficking in counterfeit goods. If convicted, Chen and Lin each face a maximum possible sentence of 10 years in federal prison.
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.
Jackie Weisheng Chen, 48, of Arcadia, was sentenced to 1 year in federal prison for the counterfeit DVD trafficking of more than 30,000 DVDs with fake Dolby Laboratory Licensing Corporation trademarks.
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.
San Gabriel Mayor Albert Y. M. Huang, 35, was arrested on suspicion of felony robbery and assault and battery, after an argument with an unidentified woman over money at New Taste Dupling House at 301 West Valley Boulevard. He graduated from Arcadia High School in 1994.
Sex offender Jaime Elvis Elizondo, 35, of San Gabriel, was sentenced this week to 30 years to life in prison for molesting a 5-year-old girl at a mall bookstore in Arcadia in 2008.
Two men arrested on suspicion of residential burglary and assault with a deadly weapon in the 200 block of East Colorado Blvd. The suspects were Kevin Gerald Kelly, 57, of Hollywood and Floyd Edward Broadnax, 52, of Long Beach.
Arcadia police arrested Michael Kelly, 44, on suspicion of killing his 47-year-old brother Brian Kelly. Brian Kelly's body was found inside the apartment they shared in the 800 block of Fairview Avenue.
23-year-old Arcadia man Joshua Martin Parra-Davis was booked by Arcadia Police on suspicion of possessing an explosive device and leaving it in a backpack near a Bank of America on Foothill Boulevard on Friday, January 14, 2011. Witnesses said Parra-Davis first went to Foothills Middle School and may have been trying to open classrooms when he was confronted and ran off. The suspect was then seen dropping a backpack in bushes near the Bank of America and then running through the parking lot, where officers detained him. Arcadia Police called the bomb squad. The Los Angeles County Sheriff's Department Bob Squad successfully detonated the device. Parra-Davis could be arranged in Pasadena Court today.
Arcadia kidnapping, rape suspect Philippe Brian Lutete, 29, is charged with false imprisonment and sexual battery of a woman on November 26 in the 2900 block of Spruce Court. He was out on bail when he was also arrested on April 8, 2015 on suspicion of kidnapping and raping a woman over an 11-hour period.
Brandon Landreth, a former John Muir High School (Pasadena) history teacher, was sentenced to 35 years to life, in state prison for killing Arcadia man Justo Cesar Morales, nearly 3 years ago. Authorities believed Landreth shot Morales because Morales was dating Landreth's ex-wife.
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.
Two passengers hurt in bus stabbing inside a Foothill Transit bus on October 31, shortly after 6:00 PM. The bus was on Live Oak Avenue, west of Myrtle Avenue, in unincorporated county area near Arcadia. Nicholas Patito, 51, a transient, was arrested on suspicion of assault with a deadly weapon. The two sounded male passengers, age 54 and age 24, have non-life threatening injuries.