Forty-nine year old Arcadia man Terchi Liao, aka Nelson Liao, was allegedly running a Ponzi scheme, conning people nationwide into investing in two firms he controlled, AOB Commerce Inc. and AOB Asia Fund I LLC. A federal judge has frozen Liao's assets.
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.