Virtual currency Gemcoin claims its victim, Councilman loses job
Speaking favorably about the troubled virtual currency Gemcoin in the past has cost Arcadian Councilman John Wuo his job. The news of his resignation was reported by the news siteLatimes.com. Wuo had earlier appeared in several YouTube videos promoting Gemcoin which brought irate users of the digital currency to demand an explanation from him as well. The resignation of the Councilman also comes close on the heels of a major investigation which is being undertaken on the complaint of the disgruntled consumers of the virtual currency. The problem with the Gemcoin came to light after a....
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An $100m class action lawsuit has been filed on behalf of victims of an alleged Ponzi scheme involving the fake cryptocurrency 'Gemcoin' days after a US Securities and Exchange Commission (SEC) crackdown. The complaint, filed Monday by The Liu Law Group at the Los Angeles Superior Court, claims the scheme defrauded thousands of Chinese and Chinese-American investors beginning in 2014. It follows an SEC complaint late last month and a seizure of assets from the company's Arcadia headquarters on 1st October. The documents name 10 defendants allegedly involved in the Gemcoin scandal,....
A California politician has become embroiled in a growing controversy surrounding an investment company, an alternative digital currency and investors who say they've been duped. According to reports by The Pasadena Star-News, state and federal regulators are investigating US Fine Investment Arts Inc (USFIA), a company backing a digital currency called Gemcoin. The Los Angeles Times reports that the US Federal Bureau of Investigation (FBI) is also speaking with investors who have accused the company of running a scam. An official with the California Department of Business Oversight....
A law firm representing the victims of an alleged Ponzi scheme that promised high rewards of 'Gemcoin,' a fake cryptocurrency, has filed a $100 million class-action lawsuit against 10 defendants involved in the scam. Merely days after the U. S. Securities and Exchange Commission (SEC) took down and charged Steven Chen, founder of USFIA - the company at the center of the pyramid scheme; a law firm has a $100 million class been filed on behalf of the victims. Gemcoin. Gemcoin was touted as a new cryptocurrency to get investors to put their own money into USFIA. The investors were also....
The judge scheduled a restitution hearing for victim investors this summer.
Arcadia-based Gemcoin's office was raided by federal authorities on the charges of bilking about $32 million from Chinese and U. S. investors. The report of the raid appeared in theLatimes.com and the news site also claims that the raid happened on Tuesday. The news piece further claims, that the authorities removed many computers and also boxes containing evidence and even locked the doors of the firm. Earlier, as per Latimes.com, a complaint was filed with Securities and Exchange Commission (SEC) against company founder Steve Chen accusing him of running a pyramid scheme. The said....