USFIA preliminary injunction granted, Receiver permanent
Oct.09, 2015 in
regulation, USFIA
Following consent by Steve Chen, a preliminary injunction was granted against USFIA and related entities on the 6th of October.
The preliminary injunction makes the conditions of the previously granted TRO permanent, which
- freezes Steve Chen and USFIA’s assets
- establishes a Permanent Receiver
- prohibits Chan and USFIA from destroying evidence (destruction of documents) and
- requires Chen and USFIA to provide the SEC with detailed accounting records within 30 days
Pending the outcome of a trial, Chen and USFIA are also prohibited from
- selling, offering the sale of or buying securities
- committing any further fraud and
- obtaining money or property via untrue statements and/or deception
The current status of Chen, specifically whether or not he is still in the US, is unknown.
Stay tuned…
Footnote: Our thanks to Don@ASDUpdates for providing a copy of Judge Klausner’s October 6th Preliminary Injunction order.
Update 22nd October 2015 – Steve Chen, through his attorneys, has requested an time-extension to file his response to the SEC lawsuit.
An extension to November 12th was requested, which the SEC has assented to.
What’d be REALLY interesting (bet it’ll never happen though) is they got a Chinese cop here to testify or testify by video conf about how they prosecuted USFIA over there back in 2014.
Quen Jiang, one of the folks being sued in the class-action case, apparently filed a motion on 10/7 objecting to be included. Letter claimed that he had nothing to do with UCCA since June 2014.
The letter however, only noted “any solicitation of money in Japan using his name is fraud”. There is no mention of USFIA itself or such activities in the US or elsewhere.
Photos appeared on Epochtimes that showed Steve Chen, Quen Jiang, and possibly Solomon Yang having dinner and drinking together.
Steve Chen apparently threw a party for Quen Jiang’s show premiere back in Feb 2014, and Quen Jiang went to USFIA office and there are plenty of pictures as proof.
According to a Mr. Xiao, the pamphlets featuring Quen Jiang, Solomon Yang, Steve Chen, and John Wuo was printed all the way back in July 2013 and apparently never changed even after Wuo had left office.
There were plenty of the pamphlets when Quen Jiang visited USFIA HQ, supposedly, so Mr. Xiao opined, it seems rather unreasonable for Quen Jiang to wait until July 2014 to claim no connection with USFIA.
Furthermore, Mr. Xiao claimed that the “public notice” was not even posted by Quen Jiang. An very senior overseas Chinese in Japan, who got scammed by USFIA, accused Quen Jiang of endorsing the company, and Quen Jiang took it seriously enough to handwrite a response.
If was this person who scanned and posted the response online, NOT Quen Jiang himself. Mr. Xiao opined, this shows a lack of sincerity.
Attorney Long Z Liu invited Quen Jiang and/or his rep to come to Liu’s San Gabriel office to issue a formal statement and provide proof explaining his role in USFIA/UCCA. Media is invited.
NOLINK://www.epochtimes.com/gb/15/10/10/n4547081.htm (in Chinese)
VOA revealed that several Latino investors in USFIA have joined Long Z Liu’s class action lawsuit. Apparently Leonard S. Johnson was fond of telling people he’s cousin with President Obama.
NOLINK://www.voachinese.com/content/latino-investor-20151014/3005211.html
News from Hong Kong dated today, reposting from Beijing Youth News(北青報), Gemcoin is STILL not dead in China, some idiots are STILL promoting it.
Promoters even admitted to the reporters Gemcoin was converted from original American Mining scam in 2014.
On Oct 8th, some Chinese Gemcoin leader in China, released a recording by a “Manager Qian” (pronounced Chien) 錢總 via WeChat that “the two leaders fired in the US started a protest to interfere with company business” (被公司開除的兩個領導人在美國舉行了抗議，無外乎是想干擾公司的進程) and claimed even if UCCA has problems, Gemcoin itself is not affected.
Qian went on the claim that SEC has no jurisdiction over cryptocurrency, and two days later published some pictures of people holding signs “supporting” Gemcoin and Steve Chen.
NOLINK://news.wenweipo.com/2015/10/19/IN1510190008.htm
Will the real Steve Chen please stand up?
It’s time like this I wish I had a tap into the FBI…
Article updated with Steve Chen’s request for extension of time to respond to the SEC’s complaint.
Recently heard that USFIA Singapore wants their members to convert all their value to a New setup company called Global GC Pte Ltd.
Heard that they will setup a Platform to let members access to their new points (Gemcoins)., so they can trade.
Ugh. Sounds like they might go the Unascos route.
Reboot and string affiliates along with a series of hypey marketing spam that goes nowhere.
I wonder what the status of Steve Chen is. His response to the SEC lawsuit is due in a week or so IIRC.
Hi guys, any news update about this STEVE Chen , the scammer???
Nothing on Steve Chen, here’s some minor developments.
Long Z. Liu, the attorney representing victims in a class action suit, announced that members who came forward had received death threats and a policeman came to take down a proper report.
Previously Quen Jian claimed that his reputation had been besmirched by Liu linking him to USFIA scam (Quen Jian’s name was listed among Solomon Yang, Steve Chen, and John Wuo) and Liu invited him or his rep to come to a press conference on 10/22. Nobody from Quen Jian’s side showed up. Liu instead showed a lawyer letter from Jian’s side: take Quen Jian’s name out of the lawsuit or get sued for slander. Liu’s answer is “so sue me”.
There appears to have been additional death threats sent through WeChat and those were reported to San Gabriel police.
Liu said the court date for his USFIA case is tentatively set for 1/27/16.
NOLINK://www.voachinese.com/content/gemcoin-case-20151023/3019754.html
Another articled showed that Solomon Yang has came forward and hired the same lawyer as Jiang Quen.
Both denied to have anything to do with USFIA since 2014 when it was destroyed in China. Both claimed to have resigned whatever position they had and have made public announcements of such.
NOLINK://news.sina.com.cn/c/nd/2015-10-30/doc-ifxkhqea2884253.shtml
Court documents:
sites.google.com/a/asdupdates.com/files-website/usfia-15-cv-7425-sec-case
There’s no updates since October 5th. That’s relatively normal when a scheme has been shut down and the company organizing it has been placed into receivership.
Still trolling strong in Singapore ..
nolink://business.asiaone.com/news/us-agency-takes-local-firm-director-court