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 of May third, 2024, the USFIA Receivership continues to be sitting on $1.7 million. The Receiver “proposes that these funds be used make corrective funds to positive patrons” and wonderful Receivership fees.
The remaining steadiness of $527,796.42 shall be paid to the Securities and Commerce Price for price to the US Treasury.
In an accompanying declaration, moreover filed on May 14th, the USFIA Receiver goes on to request permission to destroy information and shut the Receivership.
I think about that it is now acceptable to pay administrative fees and payments, file closing tax returns, shut the receivership case, and search the discharge and launch the Receiver.
USFIA was an MLM Ponzi scheme launched by Steve Chen once more in 2013.
USFIA defrauded buyers out of $197 million. Of that amount, solely $1.7 million was paid out in MLM commissions and ROI withdrawals.
The SEC shut down what was left of USFIA in late 2015. Steve Chen pled accountable to USFIA related felony bills in 2020.
In February 2022 Chen was sentenced to 10 years in jail. Chen died decrease than a 12 months into his sentence in November 2022.
Pending courtroom docket approval, closure of the Receivership will ship BehindMLM’s reporting on USFIA to an end.