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.

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.