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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.