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.
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.
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 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.
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.
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.
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.
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.
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 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.
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.
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.
Arcadia officials respond to document connecting councilman John Wuo with Gemcoin CEO George Klau. Wuo says connections to Gemcoin have nothing to do with city business.
Arcadia City Council appoints ex-mayor Mickey Segal to fill seat vacated by John Wuo's resignation, until the municipal election in April. Wuo, who served on City Council for 12 years, resigned two weeks ago amid mounting allegations over his endorsement of USFIA and Gemcoin, in addition to an ethics investigation launched in September by the Fair Political Practices Commission. Segal is a CPA. Also the zoning code update resumes.
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.