USFIA

The USFIA Receiver estimates that victims will recover approximately 75% of losses. In total there are around 8000 USFIA victim claims, totaling ~$123 million in losses. The hold up at the moment is sorting out claims made by one claimant on behalf of others. Those claims appear to be legitimate but need to be clarified. […]

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

It’s been roughly four and a half years, but John Wuo’s involvement in the USFIA Ponzi scheme has finally been explained. BehindMLM came across John Wuo, a former Mayor of Arcadia and then current City Council member, through research for our USFIA review (published June 2015). Arcadia is a city in Los Angeles County, California.

The USFIA Receiver has sought approval of a settlement with Maria Wei Wang Shu. Shu was the recipient of a property purchased by a related USFIA entity. According to the Receiver’s investigation, the property in question was purchased in 2012 by Steamfont Investment Group for $373,255. The Receiver alleges Steamfont Investment Group was an entity