Investors File $100 Million Lawsuit against Gemcoin Backers

Investors File $100 Million Lawsuit against Gemcoin Backers

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....


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Duped Gemcoin Investors File a $100 Million Lawsuit

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....

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,....

Feds Bust Gemcoin Startup Accused of a $32 Million Scam

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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....

$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....

Quotes

In the future I see a public blockchain - whether that's Bitcoin or some other open one in the future, which is a way of registering ownership of all sorts of assets and it's a way of transferring ownership of those assets in a single system that can be read by all of the right people and none of the wrong people. So it becomes very simple for me to swap my dollars for your IBM shares, or your pounds for my house. Any asset that we assign a value to and want to be sure about who owns it can be registered using this technology.

James Smith, CEO of Elliptic