$32 Million Cryptocurrency Scam Ceased by the SEC

$32 Million Cryptocurrency Scam Ceased by the SEC

The US Securities and Exchange Commission (SEC) has ceased a US$32 million cryptocurrency investment scam created by Steve Chen, who misled hundreds of investors to raise millions of dollars, by claiming that the investment firm US Fine Investment Arts, Inc. (USFIA) was a subsidiary of US China Consultation Association, a joint venture between the United States and Chinese governments. The USFIA (Jason Chen) guaranteed its investors a 64x payout in Gemcoins, in exchange for their investment in the company. Chen personally claimed that USFIA owned large amber mines in the Dominican Republic....


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Quotes

My initial thought when I heard about Bitcoin from my students is that is a scam. I know now that the technology of Bitcoin might prove useful but I am puzzled by the rush to it.

Meir Statman, Professor at Santa Clara University specializing in behavioral finance