USFIA Ponzi founder Steve Chen dies in prison
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.
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.
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.
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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.