USFIA @ BehindMLM

USFIA victims are one step closer to distribution payments, following the Receiver’s filed plan of distribution.

The USFIA Receiver has allowed victim claims totaling $45.2 million. As at November 9th, $15.3 million in claims and an additional $11.1 million in duplicate claims have been disallowed.

The USFIA Receiver estimates that victims will recover approximately 75% of losses.

USFIA founder and owner Steve Chen, aka Li Chen and… the “Boss”, has agreed to plead guilty to conspiracy to commit wire fraud and tax evasion.

It’s been roughly four and a half years, but John Wuo’s involvement in the USFIA Ponzi scheme has finally been explained.

The USFIA Receiver has sought approval of a settlement with Maria Wei Wang Shu. Shu was the recipient of a property purchased by a related USFIA entity.

As part of a May 31st filed Status Report, the USFIA Receiver has provided an update on victim claims.

Despite the best intentions behind extending the USFIA victim claim deadline, unfortunately it appears to have been mostly a waste of time and money. In light of the extension, the USFIA Receiver reports he’s received “low quality claims” that will be “time-consuming” to sort through.

Through Ally Investors LLC and other shell companies, Steve Chen’s wife, Li Zhao (aka Jennifer Zhao), received around $3.37 million in stolen USFIA investor funds. In 2015 the USFIA Receiver recovered approximately $3.2 million from a safe deposit box and bank accounts held in Ally Investors’ name. The seizure saw Li Zhao, the primary beneficiary [Continue reading…]

Following on from a claims meeting held in mid October, a further deadline extension till January 9th has been approved.