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.
USFIA @ BehindMLM
Ongoing Receivership issues with the IRS are holding up distribution payments to USFIA victims.
Steve Chen, founder of the USFIA Ponzi scheme, has been sentenced to ten years in prison. Chen has also been ordered to pay back $49.2 million in restitution.
The FTC has issued at least 379 MLM companies with deceptive and/or unfair conduct notices. This was announced by the FTC on October 26th. If it slipped under your radar, you’re not alone. I learned of the FTC’s announcement via a tip sent in by a reader. At first I thought there was some funny [Continue reading…]
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.