USFIA

Following two distributions of recovered funds to victims, the USFIA Receiver has requested courtroom docket permission to destroy information and shut the Receivership. As per a Final Report filed by the USFIA Receiver on May 14th, the Receivership has distributed $63.3 to USFIA victims. This represents a 79.2% restoration for victims’ with professional claims. As […]

USFIA founder Steve Chen has died in jail. Following a responsible plea entered again in 2020, Chen was sentenced to to 10 years in jail in 2021. The Bureau of Jail’s inmate search operate reveals Chen, 65, died on November nineteenth. Chen’s explanation for loss of life is unknown. Chen, who additionally glided by Li

The USFIA Receiver’s twenty sixth Interim Report particulars a number of distribution cost issues. The Receiver’s newest report was filed on December fifth. In it the Receiver reveals $51.3 million in distribution funds have been disbursed. Funds had been made by test, Paypal or wire. A really giant quantity of checks haven’t been negotiated as

Following an settlement reached with the IRS, the USFIA Receiver has secured authorization to ship out USFIA sufferer distribution funds. As per a June ninth order issued by the courtroom; In accordance with the Unique Plan, the prior orders of the Court docket, and the Stipulation, the Receiver is permitted to proceed with the distribution

The USFIA Receivership and IRS have reached a settlement concerning tax claims held by the IRS. Pending courtroom approval, this paves the way in which for USFIA sufferer distribution funds to exit. As per a stipulation submitting on June 1st, the Receiver advises; The USA, on behalf of the IRS, the SEC and the Receiver

The USFIA Receiver intends to file an Amended Distribution Plan (ADP). The ADP intends to take care of the IRS roadblock, at the moment holding up accredited sufferer distribution funds. Final month we reported on the IRS roadblock. The Receiver’s proposed ADP will put aside $16.5 million as a “tax reserve”. $45.8 million will likely

Ongoing Receivership points with the IRS are holding up distribution funds to USFIA victims. The problem between the USFIA Receivership and the IRS stems from a priority that, ought to the Receiver make distribution funds, unresolved tax legal responsibility would possibly depart the Receivership on the hook. As detailed within the USFIA Receiver’s March 14th

Steve Chen, founding father of the USFIA Ponzi scheme, has been sentenced to 10 years in jail. Chen has additionally been ordered to pay again $49.2 million in restitution. USFIA was a $147 million greenback Ponzi scheme. The SEC shut down USFIA in late 2015. Along with civil fraud costs, Chen (proper) was charged with

USFIA victims are one step nearer to distribution funds, following the Receiver’s filed plan of distribution. The USFIA Receiver’s plan was filed on December seventh, the day after BehindMLM reported $45.2 million in USFIA sufferer claims had been authorised. As per the Receiver’s memorandum supporting the proposed plan, there may be an estimated $65 million