Steve Chen will plead guilty to USFIA criminal fraud
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.
USFIA @ BehindMLM
John Wuo, former Arcadia mayor, rcvd $1.8 mill from USFIA
It’s been roughly four and a half years, but John Wuo’s involvement in the USFIA Ponzi scheme has finally been explained.
USFIA Receiver recovers $186,628 from Maria Wei Wang Shu
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.
USFIA Receiver claim updates ($30 mill shell company)
As part of a May 31st filed Status Report, the USFIA Receiver has provided an update on victim claims.
Extended USFIA claim deadline results in low quality 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.
Steve Chen’s wife relinquishes $3.2 million in stolen USFIA funds
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…]
USFIA claim deadline extended to January 4th, 2019
Following on from a claims meeting held in mid October, a further deadline extension till January 9th has been approved.
USFIA Receiver to hold claims meeting for investor victims
Still stalling about filing your USFIA victim claim? Got questions you need answered in person? Well, you’re in luck.
USFIA Receiver seeks 90 day victim claim submission extension
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.
USFIA Receiver files second clawback suit against Li Zhao (~$370,000)
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…]
