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....
Related News
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....
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,....
Do Kwon, now a fugitive wanted by South Korean prosecutors and the Interpol, has a new fire to put out as more than 300 investors from Singapore decided to file a class action lawsuit against the Terra Labs co-founder. The 357 capitalists from the Asian nation had no choice but to bring the fight to […]
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.....
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....