Digital currency firm accused of fraud, office raided by authorities
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....
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