GemCoin Investors Seek $100 Million in Class Action Lawsuit
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,....
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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....
Investors, who were conned upon investing into a fake cryptocurrency Gemcoin, recently filed a $100 million class action lawsuit against its backers. The complaint, filed at a Los Angeles Superior Court by The Liu Law Firm, named 10 defendants allegedly involved in luring Chinese and US investors into paying US Fine Investment Arts, Inc. (USFIA) $10,000 for membership. In return of their investments, the defendants promised attractive financial and luxury bonuses. USFIA allegedly posed itself as a company that owns amber mines in the Dominican Republic. To further prove its claims, the....
A 2014 class action lawsuit by plaintiffs in Canada against defunct bitcoin exchange Mt. Gox has been dismissed. The law firm representing Canadian plaintiffs in the class action against Mt. Gox, a now-defunct bitcoin exchange has revealed that the case will be dismissed. The class action lawsuit was originally brought to the Ontario Superior Court of Justice against MtGox Inc., Mt. Gox KK, Tibanne KK, Mt. Gox North America Inc., Mizuho Bank, Ltd., Mark Karpeles (CEO) and Jed Mccaleb (founder). The case sought $465 million ($500 million CAD) in compensation for Canadians who placed their....
A group of Spaniards filed the first crypto-related class-action lawsuit before the National Court of Spain on an alleged million-dollar scam. The lawsuit targets an individual accused of allegedly scammed over 300 small crypto investors across Spain. Money Stolen Could Amount Up to $3.58 Billion Per El País, the class-action lawsuit claims that an individual named Javier Biosca Rodríguez allegedly scammed over 250 million euros ($298 million) in cryptocurrencies from the investors. The profile of the victims is mixed, starting from domestic employees, retirees, unemployed,....
Lawsuits against Mt. Gox, the now-defunct bitcoin exchange that 'lost' upwards of 700,000 BTC belonging to clients, are growing. New reports indicate that a proposed class-action lawsuit in Canada will seek $500 million for former investors that used Mt. Gox before it tumbled last month. The lawsuit, which targets the exchange, it's owner (Mark Karpeles), and one of the largest banks in Japan (Mizuho Bank), alleges the company was negligent, breached contract, and acted under fraudulent misrepresentation, according to Yahoo Finance Canada. "We're never going to find out what's going on....