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 certifies city council election victories for John Wuo and Gary A. Kovacic. The results were certified this week after election officials were able to verify and count 661 of the remaining 681 ballots of the April 10 election. There were 105 ballots that had to be disqualified because voters selected more than 2 candidates in the all-mail election. At least some of those were caused by an error in the ballots' Chinese-language instructions that directed voters to select no more than 3 instead of 2 candidates, prompting the city to send out correction notices. Gene Glasco was elected City Clerk. Measure D, the hotel room tax, passed.
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.
Arcadia City Council candidates champion their causes. There are five candidates for two open seats. Their causes are: Gary Kovacic--maintaining a balanced budget with adequate reserves and a sense of community; Mary Dougherty--mansionization and residential guidelines; Sho Tay--traffic safety and opposing a new $12.2 million City Hall; John Wuo--reducing crime; and Henry Nunez--increase city revenues and create a real downtown in Arcadia.
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 City Council members to submit nominees for John Wuo's vacant seat at next meeting October 20. Mayor Gary Kovacic and Councilman Tom Beck recommended former mayor Mickey Segal. Councilman Roger Chandler and Sho Tay wanted to take time to think of a few more nominees.
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.
Arcadia housing standards campaign to launch. City officials will engage in a "public education campaign" to inform residents about the city's current residential development standards and to look at what other communities are doing.
Arcadia residents and ex-mayor Mickey Segal threaten to recall city council members Roger Chandler, John Wuo, and Sho Tay for their decision to suspend a zoning code update last month. The issue involves a lawsuit, Arcadia Highlands Homeowners Association (HOA) and mansions. See hard copy in VF "City Council 2011-2020."
Arcadia's Gary Kovacic and John Wuo are the unofficial winners of the two City Council seats in the recent election by mail-in ballot. The final tally will be announced by early next week.
As a result of Mayor John Wuo's vote against a Habitat for Humanity low-income housing project in Arcadia, three prominent Arcadians--Gary Kovacic, Mickey Segal, and former Mayor Charles Gilb--have withdrawn their support for Wuo's re-election campaign.
California Governor Arnold Schwarzenegger proposed a $125.6 billion budget for 2006-2007. He plans to increase spending on education and transportation and cut funding for some welfare and health programs, while not increasing taxes. Arcadia Mayor John Wuo agrees that California needs to make substantial investments in the state infrastructure.
City council candidate Sheng Chang accuses Mayor John Wuo of making the wrong decision in approving the resolution of necessity to begin eminent domain proceedings against Arcadia Self-Storage so that Rusnak Mercedes-Benz can expand. Wuo says Chang does not understand the proceedings.
City of Arcadia officials will be traveling to China and Taiwan two two weeks to foster a sister-city relationship by meeting with local government officials there to learn more about government services, residential development and the culture in an effort to better serve Arcadia. More than 50% of Arcadia residents are of Chinese and Taiwanese heritage. The trip tentatively set for March 9-April 1 will cost an estimated $65,000 with $20,000 of it donated by Chinese companies. See VF Sister City.
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.
Incumbent Maryann Gibson took an early lead last night in the race for three seats on the Arcadia Unified School District Board. Michael Lamb and John R. McClain also won seats. Min Mey Chang and John T. Wuo lost.
John Wuo was named the new mayor of Arcadia on Tuesday, April 19. He is the first Asian-American to be appointed to serve in the position for a full year. He wants to build a community auditorium.