USFIA

The USFIA Receiver has allowed sufferer claims totaling $45.2 million. As at November ninth, $15.3 million in claims and a further $11.1 million in duplicate claims have been disallowed. The figures have been supplied by the Receiver in his Twentieth Interim Report, spanning the second quarter of 2020. Throughout associated entities tied to USFIA founder […]

The USFIA Receiver estimates that victims will recuperate roughly 75% of losses. In whole there are round 8000 USFIA sufferer claims, totaling ~$123 million in losses. The maintain up in the intervening time is finding out claims made by one claimant on behalf of others. These claims look like professional however must be clarified. The

USFIA founder and proprietor Steve Chen, aka Li Chen and… the “Boss”, has agreed to plead responsible to conspiracy to commit wire fraud and tax evasion. USFIA’s GemCoin Ponzi factors scheme was shut down the by the SEC in late 2015. Following a presumably prolonged joint investigation by the FBI, IRS and Homeland Safety, a

It’s been roughly 4 and a half years, however John Wuo’s involvement within the USFIA Ponzi scheme has lastly been defined. BehindMLM got here throughout John Wuo, a former Mayor of Arcadia after which present Metropolis Council member, by analysis for our USFIA evaluate (revealed June 2015). Arcadia is a metropolis in Los Angeles County,

The USFIA Receiver has sought approval of a settlement with Maria Wei Wang Shu. Shu was the recipient of a property bought by a associated USFIA entity. In response to the Receiver’s investigation, the property in query was bought in 2012 by Steamfont Funding Group for $373,255. The Receiver alleges Steamfont Funding Group was an

As a part of a Could thirty first filed Standing Report, the USFIA Receiver has offered an replace on sufferer claims. Following points spanning a number of declare USFIA sufferer deadline extensions, the claims submission course of was finalized on January 4th, 2019. The full variety of claims filed is 6775, which sadly is ‘far

Regardless of the perfect intentions behind extending the USFIA sufferer declare deadline, sadly it seems to have been largely a waste of money and time. In mild of the extension, the USFIA Receiver studies he’s obtained “low high quality claims” that shall be “time-consuming” to type by way of. A giant a part of the

Via Ally Buyers LLC and different shell firms, Steve Chen’s spouse, Li Zhao (aka Jennifer Zhao), acquired round $3.37 million in stolen USFIA investor funds. In 2015 the USFIA Receiver recovered roughly $3.2 million from a secure deposit field and financial institution accounts held in Ally Buyers’ identify. The seizure noticed Li Zhao, the first

Following on from a claims assembly held in mid October, an extra deadline extension until January ninth has been authorised. On the time of publication the USFIA Receivership has recovered some $50 million. Of the estimated 15,000 to 30,000 USFIA victims eligible to file a declare, solely 3800 have completed so. Again in July it

Nonetheless stalling about submitting your USFIA sufferer declare? Bought questions you want answered in particular person? Properly, you’re in luck. The USFIA Receiver has introduced the Receivership will probably be holding a “claims assembly” for USFIA buyers on October sixteenth. To be able to make sure that the utmost variety of claims are filed, the