USFIA @ BehindMLM

USFIA victim claim distribution payments approved

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


USFIA Receivership negotiates IRS settlement, seeks approval

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.


USFIA Receiver sets aside $15 mill to get on with distribution

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.


IRS holding up USFIA victim distribution payments

Ongoing Receivership issues with the IRS are holding up distribution payments to USFIA victims.


USFIA owner Steve Chen sentenced to ten years in prison

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.


FTC sends 379 MLM companies deceptive/unfair conduct notices

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…]


Victim distribution plan filed by USFIA Receiver

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


$45.2 million in USFIA victim claims allowed

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.


USFIA Ponzi victims to recover approx 75% of losses

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


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.