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 entity tied to USFIA.
In 2014 the property was transferred to Maria Shu for unknown causes.
Title to the Property was held by Steamfont LLC, however was then transferred to Shu in January 2014 with no worth paid in return.
The recorded grant deed said that the switch was a “bona fide present” to Shu.
When the Receiver contacted Shu to demand she flip over the property,
Shu claimed that she had an settlement with (USFIA’s) former operator, Steve Chen, to buy the Property, and additional claimed that she had paid cash to the Receivership Entities in change for title to the Property.
The Receiver requested Shu to supply documentation to help her contentions.
Whereas Shu offered some documentation in response, together with a wire receipt for cost of $505,000 to the Receivership Entities, not one of the paperwork present direct proof of Shu’s settlement with Chen or show that Shu funded the wire in change for the Property.
Additional negotiations between the Receiver and Shu result in an eventual $186,628 proposed settlement.
As famous by the Receiver, that is roughly half of what USFIA paid for the property.
To fund the cost, and since Shu claims that she doesn’t have adequate money to pay the settlement, Shu will switch title to the Property to the Receiver pursuant to a grant deed, and the Receiver will proceed to promote the Property.
After the property is offered, the Receiver will accumulate the agreed settlement quantity and “any prices and bills related to the sale”.
Shu will get what’s left.
The Receiver submitted proposed settlement approval with Shu again in late Might.
The court docket accredited the proposed settlement on July 1st.
Maria Shu seems to have been tied to USFIA via Weimar Worldwide Group, a now defunct entity she included again in 2014.