Thomas Seaman, investigator of alleged Gemcoin fraud, issues first report. It reveals mounting evidence of fraudulent activity by Arcadia businessman Steve Chen a.k.a. Li Chen or Chen Li, whose business was at 135 E. Live Oak Ave., currently in receivership.
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.
Santa Anita Park on Verge of new era. New Santa Anita Park Chief Executive Officer (CEO) Mark Verge will re-institute its "Free Fridays" promotion. Starting this Friday and every Friday for the rest of the meet, all fans will be given free grandstand admission and the price for hot dogs, sodas and beer will be cut to $2. Previous CEO Greg Avioli resigned earlier this month.
Two Arcadia homes found by Arcadia Police Department to be used for indoor marijuana growing operations in the 1800 block of South Baldwin Avenue and the 300 block of West Woodruff Avenue. Gao Ming, 46-year-old male from Arcadia, Jia Hui Shen, 27-year-old male from El Monte, and Lan Lau, a 34-year-old female from Arcadia, were arrested and booked at Arcadia City Jail.
Two Arcadia homes used for indoor marijuana growing operations. Warrants were served and arrests were made in the 1800 block of South Baldwin Avenue and the 300 block of West Woodruff. A third house, on the 2700 block of Gilpin Way, was discovered to be an indoor marijuana cultivation house, too.
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.
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.
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.
Hale Corporation to break ground August 13 on medical building in Arcadia. It will be a four-story office building, built as a joint-venture partnership with The Stronach Group. See also Pasadena Star News, p. A3, August 20, 2013 and Arcadia Weekly, p. 1, August 15, 2013.
Santa Anita Park will reduce its work force by merging departments. More than 100 full-time and seasonal positions will be affected--including some layoffs and some full-time positions becoming part-time positions, said Greg Avioli, CEO and President of Stronach Entertainment, the track's parent company. The shift to off-track betting and account wagering has brought less revenue to the race track.
Dajin Tang, 52, employee of Arcadia-based Millennium Trucking Company filed a negligence lawsuit against his employer and his supervisor Xu Chen. Tang was involved in a crash near Rockwood, Tennessee. The suit alleges his employer forced him to wait a week to get medical care, after he was seriously hurt.
Arcadia man Larry Roger Beck, 66 years old, was sentenced to 5 years in prison for killing his girlfriend's toddler son in Louisville, Kentucky 43 years ago. He admitted to shaking the 20-month old Michael Sanders, which was a factor that caused the child's death.
Santa Anita Park is making a bid for the 2012 Breeders' Cup. Former Breeders' Cup CEO Greg Avioli has taken over as Chief Executive Officer of Stronach Entertainment, and now oversees Stronach Group's race tracks and other assets. Avioli's experience brings strength to Santa Anita Park's bid. Santa Anita Park last hosted the Breeders' Cup in 2008 and 2009. The city of Arcadia gets one-third of 1 percent of all monies bet on the track. The event generated nearly $57,000 in betting handle in 2008 and nearly $58,000 in 2009 for the city.
Arcadia police officer Luis Vicuna received the Arcadia Police Department's Life Saving Medal last week for helping save the life of 76-year old James Chen, who collapsed at the Arcadia Sports Fitness Club late last year. Pictured are Arcadia Police Chief Robert Sanderson, Officer Luis Vicuna and Captain Gene Gioia.
Too much chlorine in the pool at Arcadia County Park sent 17 people to hospitals yesterday. None of the victims was seriously hurt in the morning incident, which happened during a free swim session. Most experienced trouble breathing and eye pain.
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."