Following on from a claims meeting held in mid October, a further deadline extension till January 9th has been approved.
Articles under ‘USFIA’:
Still stalling about filing your USFIA victim claim? Got questions you need answered in person? Well, you’re in luck.
Despite being able to file claims since April, a surprisingly small number of victims have thus far sought to recoup their losses. Owing to a “substantially lower than anticipated” number of submitted claims, the Receiver is seeking a 90 day submission extension.
The second individual subject to clawback litigation in the USFIA case, is Steve Chen’s wife, Li Zhao (aka Jennifer Zhao). Through a number of shell companies, Zhao received and/or benefited from millions of dollars in stolen investor funds. The primary company used to launder investor funds for the benefit of Zhao was Ally Investors LLC. [Continue reading…]
The USFIA Receivership has published victim claim forms and proof of claim instructions.
Following on from a USFIA victim claims process submission announced in late January, the submitted process received have received court-approval.
Although monetary relief is still a ways off, USFIA victims can probably except a claims process to go live before mid 2018. In his January 29th Tenth Interim Report, the USIFA Receiver claims he’s developed a “recommended claims process”. The claims process will be filed in court “in the coming days” and if approved, ‘will [Continue reading…]
Good news for victims of the USFIA Ponzi scheme, a claim portal is likely to be opened sometime in the first quarter of 2018. That prediction is based off the USFIA Receiver’s Ninth Interim Report, which states:
While gullible USFIA investors were lead to believe they were investing in GemCoin points backed by valuable amber, on the back-end Steve Chen was siphoning off millions of dollars to enrich himself and his family. One recipient of stolen USFIA investor funds was Wei He, Chen’s ex-wife. The USFIA Receiver alleges He received over five million [Continue reading…]
Back in January a proposed $145.4 million dollar settlement between Steve Chen and the SEC was filed. On March 13th Judge Klausner approved the settlement proposal and ordered Final Judgement against Chen.