USFIA @ BehindMLM

Following two distributions of recovered funds to victims, the USFIA Receiver has requested court permission to destroy records and close the Receivership.

USFIA victims have been given a final August 9th deadline to sort out their claims. Following a July 24th court order, the USFIA Receiver published the following update;

One of the executive ringleaders behind USFIA’s GemCoin Ponzi scheme has avoided prison. Leonard Stacy Johnson pled guilty to two counts of fraud in July 2019. On June 5th, Johnson was sentenced to two years probation and $45,871 in restitution.

The USFIA Receiver is looking to to make a second ~$5 million distribution to victims.

Chinese USFIA investors have until April 30th to make sure their payment details are correct. Failing which, sometime after May 30th their USFIA victim claims will be rendered invalid.

USFIA founder Steve Chen has died in prison. Following a guilty plea entered back in 2020, Chen was sentenced to to ten years in prison in 2021.

The USFIA Receiver’s 26th Interim Report details several distribution payment problems.

Following an agreement reached with the IRS, the USFIA Receiver has secured authorization to send out USFIA victim distribution payments.

The USFIA Receivership and IRS have reached a settlement regarding tax claims held by the IRS. Pending court approval, this paves the way for USFIA victim distribution payments to go out.

The USFIA Receiver intends to file an Amended Distribution Plan (ADP). The ADP intends to deal with the IRS roadblock, currently holding up approved victim distribution payments.