Feds Bust Gemcoin Startup Accused of a $32 Million Scam

Feds Bust Gemcoin Startup Accused of a $32 Million Scam

Federal authorities have raided an alleged Ponzi investment scam that promised to pay dividends to investors by claiming to hold amber mines whose profits would be paid out in the cryptocurrency - Gemcoin. The Securities and Exchange Commission (SEC) announced the filing of fraud charges and the raid of a Southern California company - USFIA, allegedly running a Ponzi scheme that raised more than $32 million from investors both within and outside the U. S. since April 2013. The accused include founder Steve Chen and a total of 13 California-based companies at the center of the Ponzi scheme.....


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$32 Million Cryptocurrency Scam Ceased by the SEC

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Quotes

The reason you should care about bitcoin's success is not just because it can help reorganize how the financial industry is run, but because it can bring freedom and empowerment to the people who really need it ... the billions of 'un-banked' people on this planet.

Melanie Shapiro, Founder/CEO of Case Wallet, PhD in Consumer Behavior